HomeMy WebLinkAbout1991 Comprehensive Annual Financial Report0
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CITY OF EDINA, MINNESOTA
1 9 9 1
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31, 1991
CITY OF EDINA, MINNESOTA
Comprehensive Annual Financial Report
Year ended December 31, 1991
Department of Finance
John Wallin — Treasurer and Finance Director
Eric Anderson — Assistant Finance Director
Linda Margl — Accountant
CITY OF EDINA, MINNESOTA
TABLE OF CONTENTS
PART I - INTRODUCTORY SECTION
Page
Elected and Appointed Officials 1
Letters of Transmittal 2
PART II - FINANCIAL SECTION
Independent Auditors' Report
9
GENERAL PURPOSE FINANCIAL STATEMENTS:
Combined Balance Sheet - All Fund Types and Account Groups
11
Combined Statement of Revenues, Expenditures and Changes in
Fund Balance - All Governmental Fund Types
13
Combined Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual - General and Special
Revenue Fund Types
15
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings - All Proprietary Fund Types
17
Combined Statement of Cash Flows - All Proprietary Fund Types
18
Notes to Financial Statements
19
COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP
FINANCIAL STATEMENTS:
General Fund:
Balance Sheet 39
Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual 40
Schedule of Revenues - Budget and Actual 41
Schedule of Expenditures - Budget and Actual 42
Schedule of Central Services Expenditures - Budget and Actual 49
Special Revenue Funds:
Combining Balance Sheet 52
Combining Statement of Revenues, Expenditures and Changes in
Fund Balance 53
Debt Service Funds:
Combining Balance Sheet 55
Combining Statement of Revenues, Expenditures and Changes in
Fund Balance (Deficit) 56
K
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
Paee
COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP
FINANCIAL STATEMENTS (CONTINUED):
Capital Project Funds:
Combining Balance Sheet 59
Combining Statement of Revenues, Expenditures and Changes in
Fund Balance 60
Enterorise Funds:
Combining Balance Sheet
62
Combining Statement of Revenues, Expenses and Changes
in Retained Earnings
64
Combining Statement of Cash Flows
66
Utilities Fund:
Balance Sheet
68
Statement of Revenues, Expenses and Changes in Retained Earnings
69
Statement of Cash Flows
71
Liquor Fund:
Balance Sheet
72
Statement of Revenues, Expenses and Changes in Retained Earnings
73
Statement of Cash Flows
74
Schedule of Operating Expenses
75
Swimming Pool Fund:
Balance Sheet
76
Statement of Revenues, Expenses and Changes in Retained Earnings
77
Statement of Cash Flows
78
Golf Course Fund:
Balance Sheet
79
Statement of Revenues, Expenses and Changes in Retained Earnings
80
Statement of Cash Flows
81
Schedule of Operating Expenses
82
Arena Fund:
Balance Sheet
83
Statement of Revenues, Expenses and Changes in Retained Earnings
84
Statement of Cash Flows
85
Gun Range Fund:
Balance Sheet
86
Statement of Revenues, Expenses and Changes in Retained Earnings
87
Statement of Cash Flows
88
Art Center Fund:
Balance Sheet
89
Statement of Revenues, Expenses and Changes in Retained Earnings
90
Statement of Cash Flows
91
Edinborough Park Fund:
Balance Sheet
92
Statement of Revenues, Expenses and Changes in Retained Earnings
93
Statement of Cash Flows
94
3
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
Page
COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP
FINANCIAL STATEMENTS (CONTINUED):
Agency Fund:
Statement of Changes in Assets and Liabilities 96
General Fixed Assets Account Group:
Schedule of General Fixed Assets 98
General Long -term Debt Account Group:
Schedule of General Long -term Debt
100
Exhibit Page
SUPPLEMENTARY INFORMATION:
Combined Schedule of Bonded Indebtedness
Exhibit 1 101
Schedule of Changes in Bonded Indebtedness
Exhibit 2 103
Schedule of Bonds Payable
Exhibit 3 104
Schedule of Debt Service Requirements
Exhibit 4 110
Assessed Valuation, Tax Levies and Mill Rates
Exhibit 5 111
Schedule of Sources and Uses of Public Funds:
For 50th and France - No. 1200, a Tax Increment
Financing District
Exhibit 6 113
For Southeast Edina Redevelopment District -
No. 1201, a Tax Increment Financing District
Exhibit 7 114
For Grandview Area Redevelopment District -
No. 1202, a Tax Increment Financing District
Exhibit 8 115
For Southeast Edina Economic Development District -
No. 1203, A Tax Increment Financing District
Exhibit 9 116
Independent Auditors' Report on Schedule of Federal
Financial Assistance
Exhibit 10 117
Schedule of Federal Financial Assistance
Exhibit 11 118
Independent Auditors' Report on Compliance with General
Requirements
Exhibit 12 119
Independent Auditors' Report on Compliance at the
General Purpose Financial Statement Level
Exhibit 13 121
Independent Auditors' Combined Report on the Internal
Control Structure at the Financial Statement and
Federal Financial Assistance Program Levels - No
Major Programs
Exhibit 14 122
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
PART III - STATISTICAL SECTION
General Governmental Expenditures by Function - Last Ten
Fiscal Years
General Governmental Revenues by Source - Last Ten Fiscal
Years
Property Tax Levies and Collections - Last Ten Fiscal Years
Assessed Value or Tax Capacity and Estimated Market Value
of Taxable Property - Last Ten Fiscal Years
Property Tax Rates - All Overlapping Governments. -
Last Ten Fiscal Years
Special Assessment Collections - Last Ten Fiscal Years
Ratio of Net General Bonded Debt to Assessed Value/Tax
Capacity and Net Bonded Debt Per Capita -
Last Ten Fiscal Years
Computation of Legal Debt Margin - December 31, 1991
Computation of Overlapping Debt - December 31, 1991
Ratio of Annual Debt Service Expenditures for General Bonded
Debt to Total General Expenditures - Last Ten Fiscal Years
Revenue Bond Coverage - Last Ten Fiscal Years
Property and Construction Values - Last Ten Fiscal Years
Principal Taxpayers - December 31, 1991
Miscellaneous Statistics - December 31, 1991
Table Paae
Table 1 124
Table 2 125
Table 3 126
Table 4 128
Table 5 129
Table 6 130
Table 7 132
Table 8 133
Table 9 134
Table 10
135
Table 11
136
Table 12
137
Table 13
138
Table 14
139
INTRODUCTORY
SECTION
CITY OF EDINA, MINNESOTA
Elected and Appointed Officials
December 31, 1991
Term of
office expires
January*
Elected:
Mayor — Frederick S. Richards 1993
Council:
Glenn L. Smith
1995
Bernard G. Rice, Jr.
1995
Peggy Kelly
1993
Jane L. Paulus
1993
Appointed:
Manager — Kenneth E. Rosland
Treasurer and Finance Director — John Wallin
Assistant Finance Director — Eric Anderson
Clerk — Marcella M. Daehn
*First official business day.
—1—
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City of Edina
April 24, 1992
To the Honorable Mayor and
Members of the City Council
City of Edina,.Minnesota:
In accordance with state statutes and local charter provision, I hereby transmit the
annual financial report of the City of Edina, Minnesota as of December 31, 1991 and for
the fiscal year then ended. Responsibility for both the accuracy of the presented data
and the completeness and fairness of the presentation, including all disclosures, rests
with the City. All disclosures necessary to enable the reader to gain the maximum
understanding of the City's financial affairs have been included.
In developing and evaluating the City's accounting system, consideration is given to the
adequacy of internal accounting controls. Internal accounting controls are discussed by
the Finance Director in his accompanying letter of transmittal, and . within that
framework, I believe that the City's internal accounting controls adequately safeguard
assets and provide reasonable assurance of proper recording of financial transactions.
In accordance with the above- mentioned guidelines the accompanying report consists of
three sections:
1) Introductory section - includes the Finance Director's letter of transmittal;
2) Financial section includes the financial statements and supplemental schedules
of the government accompanied by our independent auditors' reports; and
3) Statistical section - includes a number of tables of unaudited data depicting the
financial history of the government for the past ten years, information on
overlapping governments, and demographic and other miscellaneous information.
State law requires that the financial statements of the City of Edina, Minnesota be
audited by a certified public accountant selected by the City Council.' This requirement
has been complied with, and our independent auditors' report is included in the financial
section of this report.
Although the City of Edina, Minnesota concluded fiscal year 1991 in a sound financial
condition, there are several external areas of concern which may require special
attention by the mayor and members of the City Council during the present fiscal period.
City Hall (612) 927 -8861
4801 WEST 50TH STREET FAX (612) 927 -7645
EDINA, MINNESOTA 55424 -1394 -2- TDD (612) 927 -5461
l
The State Legislature has just completed its session, and the bills are now ready for the
Governor's signature. The major change this year is that the City of Edina as well . as
other cities will start paying a 6 -1/2% sales tax on our purchases. This may cost the
City upwards in. the. neighborhood of _$350,000. The major portion of HACA remains in
place, but we will have some reduction. The levy limits will be removed for 1993. The
net result of all of this is that the City will continue to operate as effectively as we
can. As you know, we have put a.hiring freeze on all employees for 1992 and are looking
for alternative ways to cut.other costs wherever possible:
The preparation of this annual financial report could not have been accomplished
without the dedicated effort of the Finance Director -and his entire staff. Their efforts
over the past years toward upgrading the accounting and financial reporting systems of
the City of Edina have lead substantially to the improved quality of the information
being reported to the City Council, state oversight boards, and the citizens of the City
of Edina.
Respectfully submitted,
Kenneth E. Rosland
City Manager
—3—
r
City of Edina
April 24, 1992
To the Honorable Mayor,
Members of the City Council,
and City Manager
City of Edina, Minnesota:
The Comprehensive Annual Financial Report of the City of Edina (the City), for the
fiscal year ended December 31, 1991, is submitted herewith. This report was prepared
by the City's Finance Department. Responsibility for both the accuracy of the
presented data and the completeness and fairness of the presentation, including all
disclosures, rests with the City. We believe the data, as presented, is accurate in all
material respects; that it is presented in a manner designed to fairly set. forth the
financial position and results of operations of the City as measured by the. financial
activity of its various funds; and that all disclosures necessary to enable the reader to
gain the maximum understanding of the City's financial affairs have been included.
Accounting System and Budget= Control
In developing and evaluating the City's accounting system, consideration is given to the
adequacy of internal accounting controls. Internal accounting controls are designed to
provide reasonable, but not absolute, assurance regarding: (1) the safeguarding: of assets
against loss from unauthorized use or disposition; and (2) the reliability of. financial
records for preparing financial statements and maintaining accountability for assets.
The concept of reasonable assurance recognizes that: (1) the cost of a control should
not exceed the benefits likely to be derived; and (2) the evaluation of costs and benefits
requires estimates and judgments by management.
All internal control evaluations occur within the above framework. We believe that the
City's internal accounting controls adequately safeguard assets and provide reasonable
assurance of proper recording of financial transactions.
Budgetary control is maintained through the issuance of purchase orders. Purchase
orders which would result in an overrun of the budgeted allotment are not released until
additional appropriations are made available.
City Hall (612) 927 -8861
4801 WEST 50TH STREET FAX (612) 927 -7645
EDINA, MINNESOTA 55424 -1394 -4- TDD (612) 927 -5461
The Reporting Entity and Its Services
The City has reviewed its reporting entity definition in light of NCGA Statement 3,
�Definin,g the Governmental Reporting Entity as adopted by Governmental Accounting
Standards Board Statement 1. The entities included in the City's report are those for.
which the City has oversight responsibility.
The City provides. the full range of municipal services. These services include police
and fire protection, civil defense, public health, animal control, inspections, public
works maintenance, public improvements, parks and recreation activities, and general
administrative services.
SIGNIFICANT EVENTS AND ACCOMPLISHMENTS
General Governmental-Functions
Revenues for general governmental functions reported within the General, Special
Revenue, Debt Service and Capital Projects Funds totaled $20,132,882 in 1991, a
decrease of 4.28 percent over 1990. General property taxes produced 71.7 percent of
general revenues compared to 61.7 percent last year. The amount of revenues from
various sources and the increase (decrease) over last year are shown in the following
table:
Current tax collections were 97.2 percent of the tax levy, down .4 percent from last
year. Delinquent tax collections were less than last year. The ratio of total collections
(current and delinquent) to the current tax levy was 97.9 percent, a decrease of .2
percent from last year.
Intergovernmental revenues were 3.0 percent of general revenues compared to 2.7
percent in 1990.
—5—
Increase
Percent
(decrease)
Revenue source
Total
of total
from 1990
Taxes
$ 14,425,200
71.7%
$ 1,456,483
Special assessments
980,689
4.9
44,647
Franchise fee
133,680
0.7
36,965
Licenses and permits
850,897
4.2
(23,401)
Intergovernmental
580,561
3.0
8,299
Charges for services.
1,287,524
6.4
51,712
Fines and forfeitures
437,433
2.1
(56,576)
Interest on investments
875,320
4.4
(414,150)
Sale and rental of property
124,149
0.6
(9,660)
Miscellaneous
437.429
2.0
(1.995.323)
Total
$ 20.1®
100.0%
$ (901®.004)
Current tax collections were 97.2 percent of the tax levy, down .4 percent from last
year. Delinquent tax collections were less than last year. The ratio of total collections
(current and delinquent) to the current tax levy was 97.9 percent, a decrease of .2
percent from last year.
Intergovernmental revenues were 3.0 percent of general revenues compared to 2.7
percent in 1990.
—5—
Expenditures for all general governmental purposes totaled $28,228,306, an increase of
1.9 percent over 1990. Increases (decreases) in levels of expenditures for .major
functions of the City over the preceding year are shown in the following table:
The ratio of net bonded debt to tax capacity and the amount of bonded debt per capita
are useful indicators of the City's debt position and are listed below:
Ratio of net bonded debt to tax capacity
Net bonded debt per capita
The following is a summary of bonded debt for fiscal year 1991:
Gross bonded debt outstanding, January 1, 1990
Add bonds issued in fiscal year 1991
Deduct bonds redeemed in fiscal year 1991
Gross bonded debt outstanding, December 31, 1991
Deduct sinking fund assets, December 31, 1991
Net bonded debt, December 31, 1991
-6-
$ LM
$ 65,435,000
(1.870.000)
63,565,000
(1.026.815)
$ 62.538.185
Increase
Percent
(decrease)
Function
Total
of total
from 1990
General government
$ 1,996,628
7.0%
$ 58,761
Public safety
6,116,844
21.7
261,068
Public works
2,862,383
10.1
142,904
Parks
1,787,171
6.3
216,285
Unallocated general
617,117
2.2
(29,228)
Other
981,143
3.5
301,254
Capital outlay
8,003,595.
28.4
(453,063)
Bond principal
1,480,000
5.2
(5,000)
Interest and fiscal charges
4.383.425
15.6
35.284
Total
$ 28.228.306
100.0%
$ 528.265
Expenditures for public safety
were 21.7 percent of total
general
governmental
expenditures. This expenditure function includes police protection, fire protection, civil
defense, animal control, public health and building inspections expenditures.
Debt Administration
The ratio of net bonded debt to tax capacity and the amount of bonded debt per capita
are useful indicators of the City's debt position and are listed below:
Ratio of net bonded debt to tax capacity
Net bonded debt per capita
The following is a summary of bonded debt for fiscal year 1991:
Gross bonded debt outstanding, January 1, 1990
Add bonds issued in fiscal year 1991
Deduct bonds redeemed in fiscal year 1991
Gross bonded debt outstanding, December 31, 1991
Deduct sinking fund assets, December 31, 1991
Net bonded debt, December 31, 1991
-6-
$ LM
$ 65,435,000
(1.870.000)
63,565,000
(1.026.815)
$ 62.538.185
The City's bonds continue to have an Aal rating as determined by Moody's Investors
Service, and an AA rating from Standard & Poors.
At December 31, 1991 the City had $51,785,000 of Tax Increment Bonds outstanding,
excluding Improvement and Revenue Bonds. $200,000 was available in the General Debt
Service Fund for payment of these obligations, resulting in $(200,000) net general debt
at December 31, 1991. This compares with the City's debt limit as shown below:
Debt limit
Legal debt margin
Cash Management
$ 69.937.E
The City subscribes to the "pooled cash" concept of investing which means that all funds
with cash balances participate in an investment pool. This permits some funds to be
overdrawn and others to show cash balances when in fact, the City has a cash balance.
This pooled cash concept provides for investing greater amounts of money at more
favorable rates. Interest earnings are then periodically allocated to the participating
funds. During 1991 the City earned $875,320 in interest. The following is a list of the
City's cash and investments by classification as of December 31, 1991:
Cash $ (233,488)
Cash with plan administrator 4,468,793
Certificates of deposit 1,000,000
Commercial paper 6,098,951
Government securities 6,857,257
Money markets 4.618.238
Capital Project Funds
The major construction projects and equipment purchases are accounted for in three
Capital Project Funds. The HRA Fund accounts for construction projects within the
City's four tax increment districts. The Construction Fund and Capital Project Funds
are for construction projects or major equipment purchases funded through special
assessments, state aids, General Fund appropriations, or working capital funds.
The general fixed assets of the City are those fixed assets used in the performance of
general governmental functions and exclude the fixed assets of the Enterprise Funds. As
of December 31, 1991 the general fixed assets of the City amounted to $61,656,664.
This amount represents the original cost of the assets and is considerably less than their
present value. Depreciation of general fixed assets is not recognized in the City's
accounting system.
—7—
Enterprise Funds
The City currently operates eight enterprise funds which are set up to operate primarily
from user fees charged to the general public. A comparative statement of income (loss)
before operating transfers for the fiscal years ended 1991 and 1990 is as follows:
Income (loss)
before transfers
1991 1990
Utilities
$ 637,453
241,836
Liquor
416,044
236,413
Swimming Pool
6,802
(44,592)
Golf Course
(124,310)
146,729
Arena
(131,001)
(177,940)
Gun Range
(5,491)
(2,750)
Art Center
(47,540)
(30,648)
Edinborough Park
2 6 0
(89.280)
$ 699.357
279.768
Transfers from /to other
funds for various purposes were $20,000 and $380,000
in 1991
and $180,000 and $350,000 in 1990, respectively.
Independent Audit
Minnesota State Statutes require that every city with a population of more than 2,500
submit to the State Auditor audited financial statements which have been attested to by
a certified public accountant, public accountant or the State Auditor. This statute has
been complied with, and the independent auditors' report of the certified public
accounting firm of KPMG Peat Marwick has been included in this Comprehensive Annual
Financial Report for 1991.
Acknowledgments
The preparation of this report on a timely basis could not be accomplished without the
efficient and dedicated services of the entire staff of the Finance Department. We
would like to express our appreciation to all members of the Department who assisted
and contributed to its preparation. We should also like to thank the mayor and City
Council members for their interest and support in planning and conducting the financial
operations of the City in a responsible and progressive manner.
Respectfully submitted,
John Wallin, CPA
Treasurer and Finance Director
rON ", 51 If I FIN
�&W, =51 ;1 11
Linda Margl
Accountant
-8-
Peat Marwick
Certified Public Accountants
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report
Honorable Mayor and Members
of the City Council
City of Edina, Minnesota:
We have audited the general purpose financial statements of the City of Edina,
Minnesota as of and for the year ended December 31, 1991, as listed in the
accompanying table of contents. These general purpose financial statements are the
responsibility of the City's management. Our responsibility is to express an opinion on
these general purpose financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the general purpose financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the general purpose financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred to above present fairly,
in all material respects, the financial position of the City of Edina, Minnesota, at
December 31, 1991, and the results of its operations and cash flows of its proprietary
fund types for the year then ended in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the general purpose
financial statements taken as a whole. The combining, individual fund, and account
group financial statements and schedules listed in the accompanying table of contents
are presented for purposes of additional analysis and are not a required part of the
general purpose financial statements of the City of Edina, Minnesota. Such information
has been subjected to the auditing procedures applied in the audit of the general purpose
financial statements and, in our opinion, is fairly presented in all material respects in
relation to the general purpose financial statements taken as a whole.
-9-
[IFIFIF]mMeber Firm of
Klynveld Peat Marwick Goerdeler
The data designated as the "statistical section" in the accompanying table of contents is
presented for purposes of additional analysis and is not a required part of the. basic
financial statements. Such information has not been subjected to the auditing
procedures applied in the audit of the basic financial statements and, accordingly, we
express no opinion on it.
April 24, 1992
—10—
CITY OF EDINA, MINNESOTA
Combined Balance Sheet - All Fund Types and Account Groups
December 31, 1991
(with comparative totals for December 31, 1990)
Assets and Other Debits
Cash (note 2)
Investments (note 2)
Cash with plan administrators (notes 2 and 8;
Receivables:
Accounts
Interest
Special assessments
Metropolitan Waste Control (note 6)
Notes
Due from other funds (note 11)
Due from other governments
Inventory
Prepaid expense
Fixed assets (note 4)
Discount on bonds
Amount available in debt service fund
Amount to be provided for retirement
of long -term debt
Total assets and other debits
Liabilities. Fund Equity and Other Credits
Liabilities:
Cash deficit
Accounts payable
Contracts payable
Accrued interest payable
Due to other funds (note 11)
Due to other governments
Deposits payable
Deferred compensation funds held
for participants (note 8)
Due to federal government
Accrued compensated absences
(note 5)
Deferred revenue (note 6)
Bonds payable (note 5)
Total liabilities
Fund equity and other credits:
Investment in general fixed assets
Contributed capital
Retained earnings:
Reserved (note 12)
Unreserved - undesignated
Fund balance:
Reserved (note 12)
Unreserved - designated (note 12)
Unreserved - undesignated
Total fund equity and
other credits
Total liabilities, fund
equity and other credits
59,696 - - 2,266
- 32,242 455,372 6,813,517
403,812 9,600 52 60,813
- - - 68,286
9,183,970 - - -
- 19,309 54,660 -
4,166,832 250,300
9.587.782 61.151 4.676.916 7.192.916
634,546 - 200,000 -
5,583,863 - - -
584.752 806.890 (495.636) 11.205.763
6.803.161 806.890 (295.636) 11.205.763
$ 16.390943 868.04] 4.381.280 18.398.679
See accompanying notes to financial statements.
-11-
Governmental
fund t=s
Special
Debt
Capital
_General
Revenue
_Service
Projects
7,190,013
19,309
-
60,225
8,718,179
824,296
-
7,467,437
170,024
-
14,448
818,975
6,177
24,436
-
31,377
-
-
4,166,832
248,700
-
-
-
794,779
40,000
-
200,000
8,974,920
206,854
-
-
-
59,696 - - 2,266
- 32,242 455,372 6,813,517
403,812 9,600 52 60,813
- - - 68,286
9,183,970 - - -
- 19,309 54,660 -
4,166,832 250,300
9.587.782 61.151 4.676.916 7.192.916
634,546 - 200,000 -
5,583,863 - - -
584.752 806.890 (495.636) 11.205.763
6.803.161 806.890 (295.636) 11.205.763
$ 16.390943 868.04] 4.381.280 18.398.679
See accompanying notes to financial statements.
-11-
Proprietary
Fiduciary
Account groups
427,524 - -
- 901,801
fund Me
fund types
General General
Totals
74,133 - -
- 74,133
84,008
Fixed Long -term
(memorandum only)
Enterprise
Agency
Assets Debt
1991
1990
1,767,160
84,829
- -
9,121,536
2,227,954
1,427,854
136,680
- -
18,574,446
24,988,069
-
4,468,793
- -
4,468,793
3,735,555
1,159,086
-
- -
2,162,533
1,335,242
65,883
2,754
- -
130,627
494,853
3,177
-
- -
4,418,709
2,175,235
96,595
-
- -
96,595
251,713
5,322
-
- -
800,101
630,101
380,539
-
- -
9,595,459
4,890,362
-
-
- -
206,854
656,289
458,347
-
- -
458,347
326,602
-
-
- -
61,962
108,782
29,248,032
-
61,656,664 -
90,904,696
85,950,402
72,511
-
- -
72,511
78,428
-
34.684.506
-
4.693.056
- 200,000
55.874.965
61.656.664 56.074965
200,000
55.874.965
197.148.134
200,000
57.314.712
185.364.299
2,053,893 - -
- 9,355,024
1,724,409
427,524 - -
- 901,801
1,437,410
750 - -
- 69,036
293,260
74,133 - -
- 74,133
84,008
411,489 - -
- 9,595,459
4,890,362
- 84,829 -
- 158,798
160,975
17,192 - -
- 17,192
11,184
- 4,468,793 -
- 4,468,793
3,735,555
- 139,434 -
- 139,434
130,239
- - -
679,965 679,965
639,712
39,284 - -
8.170.000
11.194.265 4,693,056 -
- 4,456,416
55.395.000 63.565.000
56.074.965 93.481.051
2,270,399
65.435.000
80.812.513
- - 61,656,664
- 61,656,664
58,102,137
578,311 - -
- 578,311
224,442
826,815 - -
- 826,815
826,815
22,085,115 - -
- 22,085,115
21,728,124
834,546 850,180
5,583,863 5,647,567
2.101.769 17.172.521
3.667.083 104.551.786
-12-
CITY OF EDINA, MINNESOTA
Combined Statement of Revenues, Expenditures
and Changes in Fund Balance -
All Governmental Fund Types
Year ended December 31, 1991
(with comparative totals for year ended December 31, 1990)
Governmental fund
Special Debt
General Revenue Service
Revenues:
Taxes (note 3)
$ 10,186,860
- -
Special assessments
-
- 782,058
Franchise fee
-
133,680 -
Licenses and permits
850,897
- -
Intergovernmental
414,601
63,960 -
Charges for services
1,287,524
- -
Fines and forfeitures
437,433
- -
Interest on investments
97,061
55,930 -
Sale and rental of property
24,149
- -
Miscellaneous
131.531
- -
Total revenues
13.430.056
253.570 782.058
Expenditures:
Current:
General government
1,996,628
- -
Public safety
6,116,844
- -
Public works
2,862,383
- -
Parks
1,787,171
- -
Unallocated general
617,117
- -
Other
258,838
317,640 2,975
Capital outlay:
General government
17,889
4,404 -
Public safety
280,791
- -
Public works
322,043
- -
Parks
88,405
- -
Debt service:
Bond principal
-
- 1,480,000
Interest and fiscal charges
-
- 4.383.425
Total expenditures
14.348.109
322.044 5.866.400
Excess (deficiency) of revenues
over expenditures
(918.053)
(68.474) (5.084.342)
Other financing sources (uses):
Proceeds from issuance of bonds
-
- -
Proceeds from sale of land
-
- -
Operating transfers in
380,000
- 5,023,265
Operating transfers out
(437,000)
- -
Parkland dedication
89,317
- -
Parkland dedication for Southeast Edina
42.400
- -
Total other financing sources (uses)
74.717
- 5,023.265
Deficiency of revenues and other
financing sources over expenditures
and other financing uses
(843,336)
(68,474) (61,077)
Fund balance (deficit) - January 1
7.646.497
875.364 (234.559)
Fund balance (deficit) - December 31
$ 6.803.161
806.890 (295.636)
See accompanying notes to financial statements.
-13-
types Totals
Capital (memorandum only)
Projects 1991 1990
4,238,340
14,425,200
12,968,717
198,631
980,689
936,042
-
133,680
96,715
-
850,897
874,298
102,000
580,561
572,262
-
1,287,524
1,235,812
-
437,433
494,009
722,329
875,320
1,289,470
100,000
124,149
133,809
2.756.899
2.888.430
2.432.752
8.118.199
22.583.883
21.033.886
-
1,996,628
1,937,867
-
6,116,844
5,855,776
-
2,862,383
2,719,479
-
1,787,171
1,570,886
-
617,117
646,345
401,690
981,143
679,889
-
22,293
28,194
-
280,791
204,945
-
322,043
284,364
7,290,063
7,378,468
7,939,155
1,480,000 1,485,000
4.383.425 4.348.141
28.228.306 27.700.041
426.446 (5.644.423) (6.666.155)
-
-
3,051,998
2,616
2,616
51,824
765,128
6,168,393
6,446,034
(5,371,393)
(5,808,393)
(6,276,034)
-
89,317
41,747
42.400
65.000
(4.603.649)
494.333
3.380.569
(4,177,203) (5,150,090) (3,285,586)
15.382.966 23.670.268 26.955.854
11.2 19,520-179 23.6
-14-
CITY OF EDINA, MINNESOTA
Combined Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual -
General and Special Revenue Fund Types
Year ended December 31, 1991
(with comparative totals for year ended December 31, 1990)
Revenues:
Taxes (note 3)
Franchise fee
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest on investments
Sales and rental of property
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Public works
Parks
Unallocated general
Other
Capital outlay:
General government
Public safety
Public works
Parks
Total expenditures
Excess (deficiency) of
revenues over expenditures
General
Variance -
favorable
Budget _ Actual (unfavorable)
$ 10,409,072
745,050
417,000
903,000
515,000
80,000
25,000
Other financing sources (uses):
Operating transfers in
Operating transfers out
Parkland dedication
Parkland dedication for Edina HRA
Total other financing sources (uses)
Deficiency of revenues and
other financing sources
over expenditures and
other financing uses
Fund balance - January 1
Fund balance (deficit) - December 31
1,857,061
5,894,872
2,912,036
1,638,668
383,838
21,299
323,272
343,212
86.364
13.460.622
10,186,860
850,897
414,601
1,287,524
437,433
97,061
24,149
13.430.056
1,996,628
6,116,844
2,862,383
1,787,171
617,117
258,838
17,889
280,791
322,043
88.405
14.348.109
(263.000) (918.053)
380,000 380,000
(117,000) (437,000)
89,317
42.400
263.000 74.717
(843,336)
7.646.497
$ 7.6
See accompanying notes to financial statements.
-15-
(222,212)
105,847
(2,399)
384,524
(77,567)
17,061
(851)
28.031
232.434
(139,567)
(221,972)
49,653
(148,503)
(233,279)
(258,838)
3,410
42,481
21,169
(2.041)
(887.487)
(655.053)
(320,000)
89,317
42.400
(188.283)
(843,336)
(4
- (68,474) (68,474) - (911,810) (911,810) (152,725)
975,364 875.364 - 8.521.861 8.521.861 - 8.674.586
875.364 806.890 (69-474 8.521.861 7.610.051 (911.810) 8.5®
-16-
Totals
(memorandum only)
Special Revenue
1991
1990
Variance -
Variance -
favorable
favorable
Budget Actual
(unfavorable)
Budget
Actual
(unfavorable)
Actual
_ _
-
10,409,072
10,186,860
(222,212)
9,839,663
- 133,680
133,680
-
133,680
133,680
96,715
_ _
_
745,050
850,897
105,847
874,298
- 63,960
63,960
417,000
478,561
61,561
490,592
_ _
_
903,000
1,287,524
384,524
1,235,812
_ _
-
515,000
437,433
(77,567)
494,009
- 55,930
55,930
80,000
152,991
72,991
145,782
_ _
_
25,000
24,149
(851)
33,809
103.500
131.531
28.031
110.494
- 253.570
253.570
13.197.622
13.683.626
486.004
13.321.174
_ _
_
1,857,061
1,996,628
(139,567)
1,937,867
_ _
-
5,894,872
6,116,844
(221,972)
5,855,776
- -
_
2,912,036
2,862,383
49,653
2,719,479
_ -
-
1,638,668
1,787,171
(148,503)
1,570,886
_ -
-
383,838
617,117
(233,279)
646,345
- 317,640
(317,640)
-
576,478
(576,478)
234,375
- 4,404
(4,404)
21,299
22,293
(994)
28,194
_ _
_
323,272
280,791
42,481
204,945
343,212
322,043
21,169
284,364
86.364
88.405
(2.041)
103.415
- 322.044
(322,044)
13.460.622
14.670.153
(1.209.531)
13.585.646
- (68.474)
(68.474)
(62 3.000)
(986.527)
(723.527)
(264.472)
_ -
_
380,000
380,000
-
350,000
(117,000)
(437,000)
(320,000)
(345,000)
89,317
89,317
41,747
42.400
42.400
65.000
263.000
74.717
(188.283)
111.747
- (68,474) (68,474) - (911,810) (911,810) (152,725)
975,364 875.364 - 8.521.861 8.521.861 - 8.674.586
875.364 806.890 (69-474 8.521.861 7.610.051 (911.810) 8.5®
-16-
CITY OF EDINA, MINNESOTA
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings — All Proprietary Fund Types
Year ended December 31, 1991
(with comparative totals for year ended December 31, 1990)
Operating expenses:
Disposal charges
Totals
2,396,472
Personal services
1991
1990
Sales and cost of sales:
1,589,350
1,576,900
Sales
$ 5,375,006
5,066,227
Cost of sales
4.184.179
4.025.160
Gross profit
1,190,827
1,041,067
Operating revenues:
10.155.621
8.813.395
Charges for services
8.429.976
7.956.777
Total gross profit and operating
1.234.175
95.319
revenues
9.620.803
8.997.844
Operating expenses:
Disposal charges
2,877,048
2,396,472
Personal services
2,803,671
2,593,721
Contractual services
1,589,350
1,576,900
Commodities
845,126
782,895
Central services
638,986
605,458
Depreciation
1.401.440
857.949
Total operating expenses
10.155.621
8.813.395
Operating income (loss) (534.818) 184.449
Nonoperating revenues (expenses):
Contribution from special assessments
583,464
—
Income on investments
764,126
612,794
Current value credit - MWCC
61,020
61,020
Donations
412,000
28,700
Interest and fiscal charges
(582,935)
(605,680)
Subsidy from general fund
-
5,757
Amortization of bond discount
(5,917)
(1,514)
Miscellaneous
2.417
(5.758)
Total nonoperating revenues
1.234.175
95.319
Income before operating transfers
and depreciation on contributed assets
699,357
279,768
Net operating transfers out
(360.000)
(170.000)
Net income
339,357
109,768
Add depreciation on contributed assets
17.634
24.712
Increase in retained earnings
356,991
134,480
Retained earnings - January 1
22,554,939
18,321,180*
Prior period adjustment (note 15)
-
4.099.279
Retained earnings — December 31
$ 22.911.930
22.554.939
*As originally reported.
See accompanying notes to financial statements.
—17—
CITY OF EDINA, MINNESOTA
Combined Statement of Cash Flows — All Proprietary Fund Types
Year ended December 31, 1991
(with comparative totals for year ended December 31, 1990)
Totals
1991 1990
Cash flows from operating activities:
(1,824,750)
(3,029,716)
Operating income (loss)
$ (534.818)
184.449
Adjustments to reconcile operating income (loss)
4,782
3,451
to net cash provided by operating activities:
19,008
28,700
Depreciation expense
1,401,440
857,949
Changes in assets and liabilities:
-
105,757
Increase in petty cash
(650)
—
Increase in accounts receivable
(104,231)
(43,327)
Decrease in notes receivable
—
11,339
Increase in due from other funds
(3,293)
(5,757)
(Increase) decrease in inventory
(131,745)
158,168
Decrease in long —term receivable
57,162
54,964
Increase in accounts payable
60,553
85,626
Decrease in accrued interest
(8,025)
(4,180)
Increase in deposits payable
6,008
2,313
Decrease in deferred revenue
(57.162)
(54.964)
Total adjustments
1.220-057
1,062.131
Net cash provided by operating activities
685.239
21. 46.580
Cash flows from noncapital financing activities:
Acquisition of capital assets
(1,824,750)
(3,029,716)
Cash short
(2,365)
(4,965)
Miscellaneous
4,782
3,451
Donations
19,008
28,700
Operating transfer to General Fund
(380,000)
(350,000)
Operating transfer from General Fund
-
105,757
Operating transfer from Revolving Fund
20,000
80,000
Contribution from special assessments
371,503
-
Current value credit
61.020
61.020
Net cash used for noncapital financing
activities
(1.730.802)
(3.105.753)
Cash flows from capital financing activities:
Principal paid on revenue bonds (390,000) (220,000)
Interest paid on revenue bonds (582,935) (605,680)
Receipt (payment) from (to) other funds (10.000) 50.000
Net cash used by capital
financing activities (982.935) (775.680)
Cash flows from investing activities:
Decrease in investments
600,343
1,945,090
Decrease in interest receivable
135,369
23,940
Interest on investments
760.048
612.794
Net cash provided by investing activities
1,495,760
2.581.824
Net decrease in cash and cash equivalents
(532,738)
(53,029)
Cash and cash equivalents, beginning of year
237,705
290.734
Cash and cash equivalents (deficit), end of year
$ (29,5.0331
237.705
See accompanying notes to financial statements.
-18-
CITY OF EDINA, MINNESOTA
Notes to Financial Statements
December 31, 1991
(1) Summary of Significant Accounting Policies
The City operates under the "Optional Plan B" form of government according to
applicable State of Minnesota Statutes. The Statutes prescribe a
Council- Manager form of organization. The City provides the following
services: public safety, highways and streets, sanitation, health and social
services, culture- recreation, public improvements, planning and zoning, and
general administration.
The accounting policies of the City conform to generally accepted accounting
principles as applicable to governments. The following is a summary of the
more significant policies:
A. Financial Reporting Entity
The City has implemented National Council on Governmental Accounting
Statement No. 3, Defining the Governmental Reporting Entity as
adopted by the Governmental Accounting Standards Board Statement
No. 1. In accordance with Statement No. 1, for financial reporting
purposes the City's financial statements include all funds, account
groups, boards and commissions over which the City Council exercises
oversight responsibility.
Oversight responsibility includes appointment of governing bodies, budget
authority, approval of tax levies, and responsibility for funding
deficits. The City, for financial reporting purposes, includes all funds
and account groups, including those of the Park and Recreation Board
and the Housing and Redevelopment Authority of Edina that are
controlled by or dependent on the City's executive or legislative
branches. Control by or dependence on the City was determined on the
basis of budget adoption, taxing authority, outstanding debt secured by
revenues or general obligations of the City or the City's obligation to
fund any deficits that may occur.
B. Fund Accounting
The accounts of the City are organized on the basis of funds and account
groups, each of which is considered a separate accounting entity. The
operations of each fund are accounted for with a separate set of
self - balancing accounts that comprise its assets, liabilities, fund
equity, revenues, and expenditures, or expenses, as appropriate.
(Continued)
-19-
CITY OF EDINA, MINNESOTA
Government resources are allocated to and accounted for in individual
funds based upon the purposes for which they are to be spent and the
means by which spending activities are controlled. The various funds
are grouped, in the financial statements in this report, into six generic
fund categories and three broad fund types as follows:
Governmental Funds
General Fund — The General Fund is the primary operating fund of
the City. It is used to account for all financial resources except
those required to be accounted for in another fund.
Special Revenue Funds - Special Revenue- Funds are used to account
for the proceeds of specific revenue sources that are legally
restricted to expenditures for specified purposes.
Debt Service Funds — Debt Service Funds are used to account for the
accumulation of resources for, and the payment of, general
long —term debt principal, interest, and related costs.
Capital Project Funds — Capital Project Funds are used to account
for the financial resources to be used for the acquisition or
construction of major capital facilities (other than those financed by
Proprietary Funds).
Proprietary Funds
Enterprise Funds — Enterprise Funds are used to account for
operations (a) that are financed and operated in a manner similar to
private business enterprises — where the intent of the governing body
is that the costs (expenses, including depreciation) of providing goods
or services to the general public on a continuing basis be financed or
recovered primarily through user charges; or (b) where the governing
body has decided that periodic determination of revenues earned,
expenses incurred, and/or net income is appropriate for capital
maintenance, public policy, management control, accountability or
other purposes.
Fiduciary Funds
Agency Funds — Agency Funds are used to account for assets held by
the City in a trustee capacity for individuals, private organizations,
other governments, and/or other funds. Agency Funds are custodial
in nature (assets equal liabilities) and do not involve measurement of
results of operations.
(Continued)
—20—
CITY OF EDINA, MINNESOTA
C. Measurement Focus
The accounting and reporting treatment applied to the fixed assets and
long —term liabilities associated with a fund are determined by its
measurement focus. All governmental funds are accounted for on a
spending or "financial flow" measurement focus. This means that only
current assets and current liabilities are generally included on their
balance sheets. Their reported fund balance is considered a measure of
"available spendable resources ". Governmental fund operating
statements present increases (revenues and other financing sources)
and decreases (expenditures and other financing uses) in net current
assets. Accordingly, they are said to present a summary of sources and
uses of "available spendable resources" during a period.
Fixed assets used in governmental fund types operations (general fixed
assets) are accounted for in the General Fixed Assets Account Group,
rather than in governmental funds. Public domain (infrastructure)
general fixed assets consisting of certain improvements other than
buildings, including roads, bridges, curbs and gutters, streets and
sidewalks, drainage systems, and lighting systems, are not capitalized
along with other general fixed assets. No depreciation has been
provided on general fixed assets.
All fixed assets are valued at historical cost or estimated historical cost
if actual cost is not available. Donated fixed assets are valued at their
estimated fair market value on the date donated.
Long —term liabilities expected to be financed from governmental funds
are accounted for in the General Long —term Debt Account Group, not
in the governmental funds. The exception to this general rule are for
revenue bonds, which are accounted for in Enterprise Funds.
The two account groups are not "funds." They are concerned only with
the measurement of financial position. They are not involved with
measurement of results of operations.
Because of their spending measurement focus, expenditure recognition
for governmental fund types is limited to exclude amounts represented
by noncurrent liabilities. Since they do not affect net current assets,
such long —term amounts are not recognized as governmental fund type
expenditures or fund liabilities. They are instead reported as liabilities
in the General Long —term Debt Account Group.
All proprietary funds are accounted for on a cost of services or "capital
maintenance" measurement focus. This means that all assets and all
liabilities associated with their activity are included on their balance
sheets. Their reported fund equity (net total assets) is segregated into
contributed capital and retained earnings components. The operating
statements of the funds present increases (revenues) and decreases
(expenses) in net total assets.
(Continued)
-21-
CITY OF EDINA, MINNESOTA
Depreciation of exhaustible fixed assets used by proprietary funds is
charged as an expense against their operations. Accumulated
depreciation is reported on proprietary fund balance sheets.
Depreciation has been provided over the estimated useful lives using
the straight —line method. The estimated useful lives are as follows:
Buildings 20 -30 years
Equipment and machinery 5 -10 years
Distribution systems, sewer mains and lift
stations 50 years
The City follows the practice of including, as part of property, plant and
equipment of these funds, the costs of distribution systems, sewer
mains and lift stations which are paid for by assessments against
benefited property.
D. Basis of Accountine
Basis of accounting refers to when revenues and expenditures or expenses
are recognized in the accounts and reported in the financial
statements. Basis of accounting relates to the timing of the
measurements made, regardless of the measurement focus applied.
The governmental fund types are accounted for using the modified
accrual basis of accounting. Their revenues are recognized when they
become measurable and available as net current assets.
Expenditures are generally recognized under the modified accrual basis of
accounting when the related fund liability is incurred. Exceptions to
this general rule include: (1) accumulated unpaid vacation, sick pay,
and other employee amounts which are not accrued; and (2) principal
and interest on long —term debt which is recognized when due. Unpaid
vacation pay as of year end is reported in the long —term debt account
group.
The proprietary fund types are accounted for using the accrual basis of
accounting. Their revenues are recognized when earned and their
expenses are recognized when incurred. Unbilled utility service
receivables are recorded at year end.
During the course of normal operations, the City has numerous
transactions between funds including expenditures and transfers of
resources to provide services, construct assets and service debt. The
governmental and proprietary funds' financial statements generally
reflect such transactions as transfers. Nonrecurring or nonroutine
transfers of equity between funds are recorded as equity transfers and,
accordingly, are reported as additions or deductions from fund balances
of governmental fund types.
(Continued)
—22—
CITY OF EDINA, MINNESOTA
E. Budgets and Budgetary Accounting
The City follows these procedures in establishing the budgetary data
reflected in the financial statements:
1. The City Manager submits to the City Council a proposed
operating budget for the fiscal year commencing the following
January 1. The operating budget includes proposed expenditures
and the means of financing them.
2. Public hearings are conducted to obtain taxpayer comments.
3. The budget is legally - enacted by the passage of a resolution by
the City Council.
4. Formal budgetary integration is employed as a management
control device during the year for the General and Special
Revenue funds.
5. Budgets for the General and Special Revenue funds are adopted
on a basis consistent with generally accepted accounting
principles (GAAP).
6. The City Council may authorize transfer of budgeted amounts
between departments.
7. Reported budget amounts are as originally adopted or as
amended by Council- approved supplemental appropriations and
budget transfers.
8. Expenditures may not legally exceed appropriations by
department unless offset by increases in revenues. All
unencumbered appropriations lapse at year end.
F. Statement of Cash Flows
For purposes of the statement of cash flows, the City's enterprise funds
consider all highly liquid investments with a maturity of three months
or less when purchased to be cash equivalents.
G. Inventory
Inventory is stated at the lower of cost (first in, first out) or market.
(Continued)
-23-
CITY OF EDINA, MINNESOTA
H. Compensated Absences
Accrued vacation pay is recorded in the long -term debt account group.
Sick pay is not recorded as a liability. City employees are entitled to
vacation and sick pay based on length of employment and the payment
thereof is treated as an expenditure in the period paid. The amount of
accrued leave at December 31, 1991 for vacation and sick pay was
$679,965 and $2,597,690, respectively, although it is anticipated that
only a percentage of the accrued sick pay will be used.
I. Memorandum Only - Total Column
Total columns on the combined statements are captioned memorandum
only to indicate that they are presented only to facilitate financial
analysis. Data in these columns do not present financial position,
results of operations, or changes in financial position in conformity
with generally accepted accounting principles. Neither is such data
comparable to a consolidation. Interfund eliminations have not been
made in the aggregation of this data.
J. ComRarative Data
Comparative total data for the prior year have been presented in the
accompanying financial statements in order to provide an
understanding of changes in the City's financial position and
operations. However, comparative data have not been presented in all
statements because their inclusion would make certain statements
unduly complex and difficult to understand.
K. Reclassifications
Certain 1990 amounts were reclassified to conform to the 1991
presentation.
(2) Cash and Investments
Cash
In accordance with Minnesota Statutes, the City maintains deposits at various
financial institutions. Deposits are carried at cost plus accrued interest.
Minnesota Statutes require that all City deposits be protected by an insurance
surety bond or collateral. The market value of collateral pledged must equal
110% of the deposits not covered by insurance or bonds (140% in the case of
mortgage notes pledged). At December 31, 1991, the City was in compliance
with Minnesota Statutes regarding pledged collateral.
(Continued)
-24-
CITY OF EDINA, MINNESOTA
One certificate of deposit, the checking accounts, change funds and petty cash are
included as cash on the balance sheet.
Checking accounts:
Insured, collateral held by bank
in City's name
Cash held by broker in City's name
Change funds
Certificate of deposit
Total cash
Investments
The City's investments are stated at cost.
amortized cost.
Carrying Bank
amount balance
$ (342,928) 1,338,182
4,468,793 4,468,793
9,440 —
100.000 100.000
;a
Commercial paper is stated at
The City's investments are categorized in the following manner:
Category 1 — Includes investments that are insured or registered for which the
securities are held by the City or its agent in the City's name.
Category 2 — Includes uninsured and unregistered investments for which the
securities are held by the counter party's trust department or agent in the City's
name.
Certificates of deposit
Commercial paper:
Uninsured, unregistered and
held in City's name
Government securities held in
City's name:
United States treasury notes
Federal National Mortgage
Association
Government National Mortgage
Association
Federal Home Loan Bank
SBA Pool
Money markets
American International Group
Total investments
-25-
Carrying amount
Category Category Market
1 2 value
$ 1,000,000 —
— 6,098,951
1,000,000
6,109,751
1,239,814 1,287,768
3,275,635 3,209,216
— 234,274
237,721
— 1,580,649
1,580,127
— 526,885
525,671
- 2,205,270
2,195,207
2.412.968
2.412.968
$ 1.000.000 17.574.446
18.558.429
(Continued)
CITY OF EDINA, MINNESOTA
(3) Property Tax
The City Council annually adopts a tax levy and certifies it to the County for
collection in October of each year. The County is responsible for billing and
collecting all property taxes for itself, the City, the local school district and
other taxing authorities. Such taxes become a lien on January 1 and are
recorded as receivables by the City at that date. Real property taxes are
payable (by property owners) on May 15 and October 15 of each calendar year.
These taxes are collected by the County and remitted to the City on or before
July 5 and December 4 of the same year. Additionally, delinquent collections
(November and December) are remitted to the City each January. The City has
no ability to enforce payment of property taxes by property owners. The County
possesses this authority.
The City recognizes property tax revenue when it .becomes both measurable and
available to finance expenditures of the current period. In practice, current and
delinquent taxes received by the City in July and December are recognized as
revenue for the current year. Taxes not collected by the County by Decem-
ber 31 (remitted to the City by the following January) are classified as
delinquent and unremitted taxes receivable. The delinquent receivables are
fully offset by deferred revenue because they are not available to finance
current expenditures.
(4) Changes in Fixed Assets
A summary of changes in general fixed assets during 1991 follows:
(Continued)
-26-
Balance
Balance
January 1
Additions
Deletions
December 31
Land $
2,281,017
14,982,846
-
17,263,863.
Land improvements
2,627,375
6,324,887
-
8,952,262
Buildings
2,077,636
17,303,405
-
19,381,041
Furniture and fix-
tures
747,904
14,977
-
762,881
Vehicles
857,783
355,768
100,080
1,113,471
Sidewalks
92,174
-
-
92,174
Miscellaneous equip-
ment
182,608
257,437
-
440,045
Park and playground
equipment
595,704
-
-
595,704
Highway equipment
2,596,108
-
-
2,596,108
Police equipment
926,983
71,497
-
998,480
Fire equipment
1,445,494
98,600
-
1,544,094
Election equipment
138,114
-
-
138,114
Engineering equip-
ment
116,160
18,758
-
134,918
Traffic signals
116,184
-
-
116,184
Tools
5,812
-
-
5,812
Parks
4,844,340
2,139,210
215,815
6,767,735
Construction in
progress
-
19,651,396
753.778
42,321,163
-
315,895
753.778
61,656,664
Land and public
improvements -
Edina HRA
38.450.741
1.494.266
39.945.007
-
Total $
58.102.137
43.815.429
40.240.2 ®2
ALLiUM
(Continued)
-26-
CITY OF EDINA, MINNESOTA
A summary of proprietary fund fixed assets at December 31, 1991 follows:
Enterprise
fund
Land
$ 285,341
Golf course
989,502
Land improvements
589,515
Water distribution system
9,847,320
Sewer collection system
11,608,567
Major recreation facilities
6,100,338
Major water facilities
12,698,672
Buildings — liquor stores
721,307
Furniture, fixtures and equipment
2,854,937
Vehicles
163,995
Construction in progress
657.365
46,516,859
Less accumulated depreciation
(17.268.827)
Net book value
$ 29.248.032
(5) Long —term Debt
Bonded Debt
The City has three types of bonded debt outstanding at December 31, 1991: tax
increment bonds, improvement bonds and revenue bonds.
The first type of bond is payable solely from tax increment monies with any
deficiency to be provided for by general property taxes. The second and third
types are payable primarily from special assessments and enterprise revenue,
respectively, with any deficiency to be provided for by general property taxes.
The bonded debt outstanding is summarized as follows:
Maturities
Interest rates
Tax Increment Bonds 1989 -2009
5.20- 11.00%
Improvement Bonds 1989 -1996
5.20 -8.75
Revenue Bonds 1989 -2009
5.90 -8.70
Total
—27—
Balance
December 31,
1991
$ 51,785,000
3,610,000
8.170.000
.c _11,
(Continued)
CITY OF EDINA, MINNESOTA
Changes in long -term debt during the year were as follows:
Balance
Tax
Balance
January 1, Issued/
Redeemed/
December 31,
1991 increases
decreases
1991
Tax Increment Bonds $ 52,715,000 -
930,000
51,785,000
Improvement Bonds 4,160,000 -
550,000
3,610,000
Revenue Bonds 8,560,000 -
390,000
8,170,000
Compensated absences 639.712 497.981
457,728
679.965
$ 66.0
2-322,728
64 -2
The City had the following revenue bonds outstanding at December 31, 1991:
Golf Course Bonds, Series 1985
5,277,902
$ 950,000
Recreation Facility Bonds, Series 1988
6,810,195
2,445,000
Recreation Facility Bonds, Series 1989
508,432
2,035,000
Utility Bonds, Series 1988
1997 -2009
2,740,000
1,022,403 2.403
8.468.287
83.129.718
The Golf Course Bonds are general obligation revenue bond issues payable from the
Golf Course enterprise fund with any deficiency to be provided first from Liquor
Fund revenue and then from general property taxes.
The Recreation Facility Bonds are general obligation revenue bond issues payable
from the Golf Course and Ice Arena Funds with any deficiency to be provided
first from Liquor Fund revenue and then from general property taxes.
The Utility Bonds are general obligation revenue bond issues payable from the
Utility Fund and then from general property taxes.
The annual requirements to amortize all debt outstanding as of December 31,
1991, including interest payments of $51,675,787 are as follows:
Year ending
Tax
December 31
Increment
Imrnmvement
Revenue
Total
1992
$ 4,406,536
648,855
643,444
5,698,835
1993
4,908,644
935,335
1,037,733
6,881,712
1994
4,130,705
882,115
1,004,980
6,017,800
1995
5,277,902
536,420
995,873
6,810,195
1996
5,199,811
508,432
994,284
6,702,527
1997 -2009
73.639.028
1,022,403 2.403
8.468.287
83.129.718
$
4 -53
13.1®
115.240.787
The City is in compliance with all significant bond covenants.
(Continued)
-28-
CITY OF EDINA, MINNESOTA
Long -term Debt - Other
The City is the administering authority for the following tax increment finance
districts. Tax capacity values are for taxes payable in 1992:
50th and France - No. 1200, a redevelopment district established in 1974
pursuant to Minnesota Statutes with a termination date of 2009.
Original tax capacity value $ 300,007
Current tax capacity value 1,314,515
Captured tax capacity value:
Retained by authority 1,014,508
Shared with other taxing districts -
General obligation tax increment bonds 5,280,000
Total loans incurred -
Amounts redeemed 1,700,000
Outstanding bonds and loans at December 31, 1991 $
Southeast Edina Redevelopment District - No. 1201, a redevelopment district
established in 1977 pursuant to Minnesota Statutes with a a termination
date of 2009.
Original tax capacity value $ 263,202
Current tax capacity value 2,335,562
Captured tax capacity value:
Retained by authority 2,072,360
Shared with other taxing districts -
General obligation tax increment bonds issued 21,470,000
Total loans incurred -
Amounts redeemed 4.065.000
Outstanding bonds and -loans at December 31; 1991 $ 17.405.000
Grandview Area Redevelopment District - No. 1202, a redevelopment district
established in 1984 pursuant to Minnesota Statutes with a a termination
date of 2010.
Original tax capacity value $ 258,344
Current tax capacity value 853,602
Captured tax capacity value:
Retained by authority 595,258
Shared with other taxing districts -
General obligation redevelopment bonds issued 2,000,000
Total loans incurred -
Amounts redeemed 200.000
Outstanding bonds and loans at December 31, 1991 $ 1
(Continued)
-29-
CITY OF EDINA, MINNESOTA
Southeast Edina Redevelopment District - No. 1203, a redevelopment district
established in 1988 pursuant to Minnesota Statutes with a termination date
of 2016.
Original tax capacity value $ 338,832
Current tax capacity value 1,337,861
Current tax capacity value:
Retained by authority 999,029
Shared with other taxing districts 29,000,000
General obligation tax increment bonds issued -
Total loans incurred -
Amounts redeemed -
Outstanding bonds and loans at December 31, 1991 $ 29.000.000
Economic Development District - No. 1204, a development district
established in 1989 pursuant to Minnesota Statutes with a termination date
of 1997.
Original tax capacity value $ 7,534,108
Current tax capacity value 8,522,813
Captured tax capacity value:
Retained by authority 988,705
Shared with other taxing districts -
General obligation redevelopment bonds issued -
Total loans incurred -
Amounts redeemed -
Outstanding bonds and loans at December 31, 1991 $ -
44th and France - North 1205, a redevelopment district established in 1991
pursuant to Minnesota Statutes with a termination date of 2015.
Original tax capacity value $ 111,648
Current tax capacity value 126,393
Captured tax capacity value:
Retained by authority 14,745
Shared with other taxing districts -
General obligation tax increment bonds issued -
Total loans incurred -
Amounts redeemed -
Outstanding bonds and loans at December 31, 1991 $ --=--
(Continued)
-30-
CITY OF EDINA, MINNESOTA
Valley View/Wooddale Redevelopment District - No. 1206, a redevelopment
district established in 1990 pursuant to Minnesota Statutes with a
termination date of 2000.
Original tax capacity value $ 78,172
Current tax capacity value 75,668
Captured tax capacity value:
Retained by authority (2,504)
Shared with other taxing districts _
General obligation tax increment bonds issued
Total loans incurred _
Amounts redeemed
Outstanding bonds and loans at December 31, 1991 $
70th and Cahill Redevelopment District - No. 1207, a redevelopment district
established in 1990 pursuant to Minnesota Statutes with a termination date
of 2000.
Original tax capacity value
$ 287,605
Current tax capacity value
270,829
Captured tax capacity value:
Retained by authority
(16,776)
Shared with other taxing districts
_
General obligation tax increment bonds issued
_
Total loans incurred
73,603
Amounts redeemed
_
Outstanding bonds and loans at December 31, 1991 $
(6) Metropolitan Waste Control Commission
The long -term receivable and corresponding deferred revenue of the enterprise
funds from the Metropolitan Waste Control Commission (the Commission) in the
amount of $39,284, represents the City's share of equity in the City's system
which was acquired by the Commission January 1, 1971. This receivable will be
paid to the City by issuing credits annually through 1999 against future sewer
billings from the Commission. These credits are reflected in the statement of
revenues, expenses and changes in retained earnings as received.
(7) Retirement Plans
A. Defined Benefit Pension Plans
Plan Description
All full -time and certain part -time employees of the City are covered by
defined benefit pension plans administered by the Public Employees
(Continued)
-31-
CITY OF EDINA, MINNESOTA
Retirement Association of Minnesota (PERA). PERA administers the
Public Employees Retirement Fund (PERF) and the Public Employees
Police and Fire Fund (PEPFF) which are cost - sharing
multiple - employer public employee retirement plans. PERF members
belong to either the Coordinated Plan or the Basic Plan. Coordinated
members are covered by Social Security and Basic members are not.
All new members must participate in the Coordinated Plan. All police
officers, fire fighters and peace officers who qualify for membership
by statute are covered by the PEPFF. The payroll for employees
covered by PERF and PEPFF for the year ended December 31, 1991
was $6,403,260 and $3,650,787, respectively; the City's total payroll
was $10,929,633.
PERA provides retirement benefits as well as disability benefits to
members, and benefits to survivors upon death of eligible members.
Benefits are established by State Statute, and vest after five years of
credited service. The defined retirement benefits are based on a
member's average salary for any five successive years of allowable
service, age and years of credit at termination of service. Two
methods are used to compute benefits for Coordinated and Basic
members. The retiring member receives the higher of a step -rate
benefit accrual formula (Method 1) or a level accrual formula (Method
2). Under Method 1, the annuity accrual rate for a Basic member is 2
percent of average salary for each of the first 10 years of service and
2.5 percent for each remaining year. For a Coordinated member, the
annuity accrual rate is 1 percent of average salary for each of the first
10 years and 1.5 percent for each remaining year. Using Method 2, the
annuity accrual rate is 2.5% of average salary for Basic members and
1.5% for Coordinated members. For PERF members whose annuity is
calculated using Method 1 and for all PEPFF members, a full annuity is
available when age plus years of service equal 90.
There are different types of annuities available to members upon
retirement. A normal annuity is a lifetime annuity that ceases upon
the death of the retiree. No survivor annuity is payable. There are
also various types of joint and survivor annuity options available which
will reduce the monthly normal annuity amount, because the annuity is
payable over joint lives. Members may also leave their contributions in
the fund upon termination of public service, in order to qualify for a
deferred annuity at retirement age. Refunds of contributions are
available at any time to members who leave public service, but before
retirement benefits begin.
2. Contributions Required and Contributions Made
Minnesota Statutes Chapter 353 sets the rates for employer and employee
contributions. The City makes annual contributions to the pension
plans equal to the amount required by State Statutes. According to
Minnesota Statutes Chapter 356.215, Subd. 4(g), the date of full funding
for the PERF and the PEPFF is the year 2020. As part of the annual
(Continued)
-32-
19
CITY OF EDINA, MINNESOTA
actuarial valuation, PERA's actuary determines the sufficiency of the
statutory contribution rates towards meeting the required full funding
deadline. The actuary compares the actual contribution rate to a
"required" contribution rate. Current combined statutory contribution
rates and actuarially required contribution rates for the plans are as
follows:
PERF (Basic and
Coordinated Plans)
PEPFF
Statutory rates Required
Employees Employer rates
4.44% 4.81% 10.04%
8.00 12.00 17.56
Total contributions made by the City during fiscal year 1991 were:
Amounts
Employees Emplover
PERF $ 289,653 316,207
PEPFF 291.903 437.723
Totals $ 581.556 753.930
Percentage of
covered payroll
Em llgyees Employer
4.52% 4.94%
8.00 12.00
The City's contribution for the year ended June 30, 1991 to the PERF
represented .31 percent of total contributions required of all
participating entities. For the PEPFF, contributions for the year ended
June 30, 1991 represented 1.65 percent of total contributions required
of all participating entities.
Funding Status and Progress
1. Pension Benefit Obligation
The "pension benefit obligation" is a standardized disclosure measure of
the present value of pension benefits, adjusted for the effects of
projected salary increases and step -rate benefits, estimated to be
payable in the future as a result of employee service to date. The
measure, which is the actuarial present value of credited projected
benefits, is intended to help users assess PERA's funding status on a
going- concern basis, assess progress made in accumulating sufficient
assets to pay benefits when due, and make comparisons among Public
Employees Retirement Systems and among employers. PERA does not
make separate measurements of assets and pension benefit obligation
for individual employers.
—33—
(Continued)
CITY OF EDINA, MINNESOTA
The pension benefit obligations as of June 30, 1991, are shown below:
Total pension benefit obligations
Net assets available for
benefits, at cost (Market
values for PERF = $3,6629769;
PEPFF = $(872,430)
Unfunded (assets in excess of)
pension benefit obligations
PERF PEPFF
(in thousands)
$ 4,458,010 732,911
3 52. 4.071 2$ 3,125
The measurement of the pension benefit obligations is based on an
actuarial valuation as of June 30, 1991. Net assets available to pay
pension benefits were valued as of June 30, 1991.
2. Changes in Benefit Provisions
During the 1991 legislative session, benefit improvements were obtained
from survivors of members in the Basic Plan and the Police and Fire
Fund. In the Basic Plan, the maximum family death benefit was
increased from $1,000 per month to 70 percent of the member's
average salary. In the Police and Fire Fund, children's benefits were
restored for families of disabled members who had chosen the joint and
survivor annuity option before death. The effect of these changes
increased the pension benefit obligation in the PERF by $4,016,869 and
had essentially no effect on the pension benefit obligation in the
PEPFF.
D. Ten —Year Historical Trend Information
Ten —year historical trend information is presented in PERA's Comprehensive
Annual Financial Report for the year ended June 30, 1991. This information
is useful in assessing the pension plan's accumulation of sufficient assets to
pay pension benefits as they become due.
E. Related Party Investments
As of June 30, 1991, and for the fiscal year then ended, PERA held no
securities issued by the City or other related parties.
(Continued)
—34—
CITY OF EDINA, MINNESOTA
(8) Deferred Compensation Plan
The City of Edina offers its employees four deferred compensation plans which are
in accordance with Internal Revenue Code Section 457. The plans are Aetna,
International City Manager's Association, (ICMA), Great West, T. Rowe Price
and Minnesota State Retirement Systems, (MSRS).
The plans permit employees to defer a portion of their salary until future years.
The deferred compensation is not available until termination, retirement, death,
or unforeseeable emergency.
All amounts of compensation deferred under the plan, all property and rights
purchased with those amounts, and all income attributable to those amounts,
property, or rights are (until paid or made available to the employee or other
beneficiary) solely the property and rights of the City, subject only to the claims
of the City's general creditors. Participants' rights under the plan are equal to
those of general creditors of the City in an amount equal to the fair market
value of the deferred account for each participant.
Plan assets of $4,468,793 at December 31, 1991 are recorded at fair market value
and are shown in the Agency Funds on the combined balance sheet.
(9) Segment Information for Enterprise Funds
The City maintains enterprise funds for utility (water and sewer) services and
liquor facilities. Individual funds are also maintained for other enterprise
operations designated below as "Other Enterprise Funds" which are recreational
in nature such as: swimming pool, golf course, arena, gun range, art center and
Edinborough Park. Segment information for the year ended December 31, 1991
is as follows:
(Continued)
-35-
Other .
Total
Enterprise
Enterprise
Utiliv
Liguor
Funds
Funds
Sales $
-
5,375,006
-
5,375,006
Operating revenues
5,357,650
1,190,827
3,072,326
9,620,803
Depreciation
824,787
42,638
534,015
1,401,440
Operating income
(loss)
(225,852)
417,364
(726,330)
(534,818)
Nonoperating revenues
(expenses) (net)
863,305
(1,320)
372,190
1,234,175
Operating transfers in
(out)
—
(380,000)
20,000
(360,000)
Net income (loss)
637,453
36,044
(334,140)
339,357
Property additions
(742,762)
(37,214)
(1,044,774)
(1,824,750)
Net working capital
2,740,948
212,266
(184,085)
2,769,129
Bonds payable
2,740,000
—
5,430,000
8,170,000
Total assets
24,329,964
1,069,318
9,285,224
34,684,506
Total equity
21,386,158
846,721
679,051
22,911,930
(Continued)
-35-
CITY OF EDINA, MINNESOTA
(10) Edina Firemen's Relief Association
The Edina Firemen's Relief Association is the pension fund for the City's
Volunteer Fire Department employees. Funding for the pension plan is provided
from the two percent insurance premium rebate from the state of Minnesota.
The City is responsible for any unfunded portion of the Relief Association's
accrued liability. As of December 31, 1991 there was no unfunded liability..
(11) Interfund Receivable and Payable Balances
Interfund receivables and payables as of December 31, 1991 were as follows:
Fund
General (including amount due Edina Housing
and Redevelopment Authority)
Debt Service:
General Debt Service
Capital Project Funds:
Housing Redevelopment Authority of Edina
Revolving
Enterprise:
Swimming Pool
Art Center
Edinborough
(12) Reserved or Designated Fund Equity
Interfund Interfund
receivables payables
$ 40,000 9,183,970
200,000 -
8,603,431 -
371,489 -
- 371,489
5,757 40,000
374,782 -
The following fund equity balances as of December 31, 1991 have been reserved or
designated for the reasons noted below:
General Fund:
Reserved for commitments $ 634,546
Unreserved - designated for dedicated funds 5,583,863
Debt Service Funds:
Reserved for debt service 200,000
Enterprise Funds:
Reserved for debt service 826.815
Total fund equity reservations /designations
(Continued)
-36-
CITY OF EDINA, MINNESOTA
(13) Fund Deficits
The following funds had deficit fund balances or retained earnings at December 31,
1991:
Improvement Bond Redemption H Fund $ 495,636
Construction Fund 6,151,987
Arena Fund 753,710
Edinborough Park Fund 322,627
These deficits will be covered in future periods by special assessment collections,
tax increment, operating revenues, internal financing or state and bond proceeds.
(14) Contingencies
The City Attorney has indicated that existing and pending lawsuits, claims and
other actions in which the City is a defendant are either covered by insurance,
of an insignificant amount, or, in the judgment of the City Attorney, remotely
recoverable by plaintiffs.
(15) Prior Period Adjustment
In 1991, the City changed the manner in which storm sewer fixed assets were
recorded. In 1989, the City began accounting for storm sewer activity in the
Utility Fund. The infrastructure relating to the storm sewer was not recorded in
the Utility Fund until 1991. The cumulative effect of this prior period
restatement increases fund balance in the Utility Fund by $4,099,279.
—37—
GENERAL FUND
The General Fund accounts for the revenues and expenditures used to carry out basic
governmental activities of the City such as general government, public safety, public
works, and parks and recreation. Revenue is recorded by source (e.g., taxes, licenses
and permits, intergovernmental revenues, fines and forfeitures, charges for services).
General Fund expenditures are made primarily for current day - to-day operations and
operating equipment. They are recorded by major functional classification and by
operating department. This fund accounts for all financial transactions not properly
accounted for in another fund.
-38-
CITY OF EDINA, MINNESOTA
General Fund
Balance Sheet
December 31, 1991
(with comparative amounts for December 31, 1990)
Assets
Petty cash and change funds
Cash
Investments
Interest receivable
Taxes receivable:
Delinquent
Allowance for uncollectible taxes
Accounts receivable
Due from other funds
Due from other governments
Prepaid expense
Total assets
Liabilities and Fund Balance
Liabilities:
Accounts payable
Due to other funds
Due to other governments
Total liabilities
Fund balance:
Reserved
Unreserved:
Designated
Undesignated
Total fund balance
Total liabilities and fund balance
—39—
1991 1990
$ 1,140 1,140
7,188,873 5,247,004
8,718,179 6,581,320
6,177 4,581
241,915
158,558
(241,915)
(158,558)
170,024
342,830
40,000
50,000
206,854
551,787
59.696
108.135
$ 16.390.943 12.8®
403,812
9,183,970
9.587.782
634,546
5,583,863
584.752
6.803.161
399,938
4,840,362
5.240.300
650,180
5,647,567
1.348.750
7.646.497
$ 16.390.943 12.8®
CITY OF EDINA, MINNESOTA
General Fund
Statement of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual
Year ended December 31, 1991
(with comparative actual amounts for year ended December 31, 1990)
1991 1990
Variance -
favorable
Budget Actual (unfavorable) Actual
Revenues:
Taxes $
10,409,072
10,186,860
(222,212)
9,839,663
Licenses and permits
745,050
850,897
105,847
874,298
Intergovernmental
417,000
414,601
(2,399)
394,923
Charges for services
903,000
1,287,524
384,524
1,235,812
Fines and forfeitures
515,000
437,433
(77,567)
494,009
Interest on investments
80,000
97,061
17,061
77,168
Sale and rental of property
25,000
24,149
(851)
33,809
Miscellaneous
103.500
131.531
28,031
67.420
Total revenues
13.197.622
13.430.056
232.434
13.017.102
Expenditures:
Current:
General government
1,857,061
1,996,628
(139,567)
1,937,867
Public safety
5,894,872
6,116,844
(221,972)
5,855,776
Public works
2,912,036
2,862,383
49,653
2,719,479
Parks
1,638,668
1,787,171
(148,503)
1,570,886
Unallocated general
383,838
617,117
(233,279)
646,345
Other (central services)
-
258,838
(258,838)
(46,504)
Capital outlay:
General government
21,299
17,889
3,410
24,370
Public safety
323,272
280,791
42,481
204,945
Public works
343,212
322,043
21,169
284,364
Parks
86.364
88.405
(2,041
103.415
Total expenditures
13.460.622
14,349,109,
(887.487)
13.300.943
Deficiency of revenues
over expenditures
(263.000)
(918.053)
(655.053)
(283.841)
Other financing sources (uses):
Operating transfers in (out):
Liquor Fund
380,000
380,000
-
350,000
Capital Project Funds
(117,000)
(117,000)
-
(115,000)
Transfer dedicated funds
-
(320,000)
(320,000)
(230,000)
Parkland dedication
-
89,317
89,317
41,747
Parkland dedication for
Southeast Edina
-
42.400
42.400
65.000
Total other finan-
cing sources (uses)
263.000
74.717
(188,283)
111.747
Deficiency of revenues
and other financing
sources over expendi-
tures and other
financing uses
-
(843,336)
(843,336)
(172,094)
Fund balance - January 1
7.646.497
7.646.497
-
7.818.591
Fund balance - December 31 $
7.646.497
6.803.161
(843.336)
77 -6®
-40-
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Revenues - Budget and Actual
Year ended December 31, 1991
(with comparative actual amounts for year ended December 31, 1990)
1991 1990
Variance -
favorable
Budget Actual (unfavorable) Actual
Taxes:
General property tax
$ 10,409,072
10,183,996
(225,076)
9,835,705
Penalties and interest
-
2.864
2.864
3.958
Total taxes
10.409.072
10.186.860
(222.212)
9.839.663
Licenses and permits
745.050
850.897
105.847
874.298
Intergovernmental:
Federal aid
20,000
7,000
(13,000)
8,000
State grants:
Local government aid
-
(127)
(127)
Homestead credit
2,000
1,446
(554)
3,419
State highway aid
60,000
60,000
-
60,000
Police aid
210,000
223,190
13,190
196,885
Other state aid
-
5,863
5,863
-
County grants:
Health programs
125.000
117.229
(7.771)
126.619
Total inter-
governmental
417.000
414.601
(2.399)
394.923
Charges for services:
Engineering and
clerical charges
120,000
185,392
65,392
141,813
Assessing searches
5,000
3,504
(1,496)
4,120
Planning fees
11,000
10,910
(90)
9,362
False alarms
39,000
42,975
3,975
35,234
Housing and Redevelopment
Authority
185,000
194,768
9,768
166,428
Charges to other funds
115,000
115,020
20
105,000
Ambulance service
425,000
427,212
2,212
411,441
Recycling fees
-
296,641
296,641
352,539
Laboratory fees
3.000
11.102
8.102
9.875
Total charges
for services
903.000
1.287.524
384.524
1.235.812
Fines and forfeitures
515.000
437.433
(77.567)
494.009
Miscellaneous:
Interest on investments
80,000
97,061
17,061
77,168
Sale and rental of property
25,000
24,149
(851)
33,809
Donations
500
30
(470)
25
Registration fees
78,000
98,132
20,132
78,758
Other
25.000
33.369
8.369
(11.363)
Total miscellane-
ous
208.500
252.741
44.241
178.397
Total revenues
$ 13.197.622
13.4®
23®
13.0®
-41-
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures — Budget and Actual
Year ended December 31, 1991
(with comparative actual amounts for year ended December 31, 1990)
Administration:
Personal services
371,731
1991
(45,237)
1990
Contractual services
76,100
71,471
Variance —
57,688
Commodities
700
1,825
favorable
11485;
Central services
Budget
Actual
(unfavorable)
Actual
General government:
9.168
4.107
5.061
4.066
Mayor and council:
323.466
331.886
(8.420)
304.896
Personal services
$ 27,450
27,557
(107)
27,556
Contractual services
2,700
3,135
(435)
3,701
Commodities
1,300
576
724
1,534
Central services
28.080
28.080
—
27.480
Total mayor
800
328
472
156
and council
59.530
59.348
182
60.271
Administration:
Personal services
371,731
416,968
(45,237)
430,068
Contractual services
76,100
71,471
4,629
57,688
Commodities
700
1,825
(1,125)
11485;
Central services
107,920
107,916
4
105,000
Capital outlay
9.168
4.107
5.061
4.066
Total adminis-
323.466
331.886
(8.420)
304.896
tration
565.619
602.287
3S 6.668)
598.307
Planning:
Personal services
162,138
149,847
12,291
107,772
Contractual services
1,700
277
1,423
3,638
Commodities
800
328
472
156
Central services
48,540
48,540
—
46,800
Capital outlay
2.721
10.737
(8.016)
1.636
Total planning
215.899
209.729
6.170
160.002
Finance:
Personal services
215,689
216,103
(414)
198,127
Contractual services
43,950
54,183
(10,233)
41,868
Commodities
500
595
(95)
1,870
Central services
57,960
57,960
—
57,240
Capital outlay
5.367
3.045
2.322
5.791
Total finance
323.466
331.886
(8.420)
304.896
Election:
Personal services
12,807
14,562
(1,755)
47,226
Contractual services
4,000
11,465
(7,465)
9,518
Commodities
500
45
455
5,354
Central services
7.800
7.800
—
7.800
Total election
25.107
33.872
(8.765)
69.898
(Continued)
—42—
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual, Continued
1991 1990
Variance -
favorable
Budget Actual (unfavorable) Actual
Assessing:
Personal services
$ 247,314
246,686
628
230,952
Contractual services
36,422
40,093
(3,671)
35,004
Commodities
1,000
1,216
(216)
950
Central services
69,960
69,960
-
67,800
Capital outlay
4.043
-
4,043
12.877
Total assessing
358.739
357.955
784
347.583
Legal and court services:
Contractual services
Total general
government
Public safety:
Police protection:
Personal services
Contractual services
Commodities
Central services
Capital outlay
Total police
protection
Fire protection:
330.000 419.440
1.878.360 2.014.517
2,380,881
144,610
24,850
792,960
162.787
3.506.088
2,445,857
143,690
33,952
792,960
169.887
3.586.346
44
(136,157)
(64,976)
920
(9,102)
(7.100)
(80.258)
421.280
1.962.237
2,314,520
174,858
36,654
751,200
109.781
Personal services
1,428,811
1,549,311
(120,500)
1,452,594
Contractual services
67,650
61,314
6,336
74,222
Commodities
37,100
31,265
5,835
35,279
Central services
392,112
392,112
-
378,000
Capital outlay
135.154
98.600
36.554
56.547
Total fire
27.214
20.182
7,032
24.832
protection
2.060.827
2.132.602
(71,775
1.996.642
Civil defense:
Personal services
18,250
16,422
1,828
22,514
Contractual services
2,110
1,219
891
1,841
Commodities
1,000
2,541
(1,541)
477
Capital outlay
5.854
-
5.854
--
Total civil
defense
27.214
20.182
7,032
24.832
(Continued)
-43-
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual, Continued
Animal control:
Personal services
Contractual services
Commodities
Central services
Capital outlay
Total animal
control
1991
Variance -
favorable
Budget Actual (unfavorable)
1990
Actual
$ 30,395
29,345
1,050
30,418
6,150
5,297
853
5,692
3,000
2,703
297
3,019
11,880
11,880
-
11,400
5.250
-
5.250
12.102
56.675
49.225
7.450
62.631
Public health:
Personal services
125,358
124,929
429
120,043
Contractual services
119,823
125,020
(5,197)
115,244
Commodities
2,790
6,285
(3,495)
9,139
Central services
51,540
51,540
-
50,640
Capital outlay
7.156
649
6.507
-
Total public
health
306.667
308.423
(1.756)
295.066
Inspections:
Personal services
182,122
218,817
(36,695)
197,129
Contractual services
5,500
4,575
925
7,210
Commodities
2,100
1,934
166
2,483
Central services
63,880
63,876
4
61,200
Capital outlay
7.071
11.655
(4.584)
26.515
Total inspections
260.673
300.857
(40,184
294.537
Total public safety
6.218.144
6.397.635
(179.491)
6.060.721
Public works:
Administration:
Personal services
86,989
88,947
(1,958)
86,077
Contractual services
1,250
605
645
424
Central services
26.760
26.760
-
26.640
Total administra-
tion
114.999
116.312
(1.313)
113.141
Engineering:
Personal services
300,412
276,807
23,605
282,721
Contractual services
16,200
28,336
(12,136)
15,306
Commodities
10,500
13,038
(2,538)
15,679
Central services
92,880
92,880
-
90,000
Capital outlay
23.209
32.035
(8.826)
4.712
Total engineering
443.201
443.096
105
408.418
(Continued)
-44-
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures — Budget and Actual, Continued
Street maintenance:
Personal services
566,100
1991
75,868
1990
Contractual services
34,250
49,762
Variance —
20,030
Commodities
336.500
319.318
favorable
306.499
Total street
Budget
Actual
(unfavorable)
Actual
Supervision and overhead:
936.850
859.312
77.538
843.934
Personal services
$ 123,025
236,933
(113,908)
111,931
Contractual services
13,450
10,866
2,584
9,057
Commodities
1,500
1,300
200
109
Central services
721.620
721.630
(10)
699.000
Total supervision
and overhead
859.595
970.729
(111,134
820.097
Street maintenance:
Personal services
566,100
490,232
75,868
517,405
Contractual services
34,250
49,762
(15,512)
20,030
Commodities
336.500
319.318
17.182
306.499
Total street
maintenance
936.850
859.312
77.538
843.934
Street lighting:
Personal services
14,650
14,799
(149)
15,715
Contractual services
308,600
257,027
51,573
292,140
Commodities
12.500
12.310
190
14.643
Total street
lighting
335.750
284.136
51.614
322.498
Street name signs:
Personal services
31,500
28,040
3,460
39,388
Contractual services
500
—
500
—
Commodities
20.000
28.727
(8.727)
29.256
Total street name
signs
52.000
56.767
(4,767
68,644
Traffic control:
Personal services
27,200
21,242
5,958
23,104
Contractual services
45,000
41,287
3,713
50,190
Commodities
18.000
12.827
5.173
13.417
Total traffic
control
90.200
75.356
14.844
86.711
Bridges:
Contractual services
13,600
4,092
9,508
4,376
Personal services
500
419
81
—
Commodities
5.000
2.302
2.698
4.023
Total bridges
19.100
6.813
12.287
8.399
(Continued)
—45—
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures — Budget and Actual, Continued
1991 1990
Variance —
favorable
Budget Actual (unfavorable) Actual
Sidewalks and ramps:
Personal services
$ 28,900
25,655
3,245
14,848
Contractual services
31,500
36,987
(5,487)
31,703
Commodities
23.150
19.255
3.895
5.798
Total sidewalks
and ramps
83.550
81.897
1.653
52.349
Other expenditures:
Capital outlay
320.003
290.008
29.995
279.652
Total public works
3.255.248
3.184.426
70.822
3.003.843
Parks:
Administration:
Personal services
269,518
283,704
(14,186)
239,277
Contractual services
10,500
16,520
(6,020)
38,122
Commodities
2,600
16,104
(13,504)
7,456
Central services
89,100
89,100
—
85,200
Capital outlay
1.914
3.064
(1.150)
2.077
Total administra-
tion
373.632
408.492
(34,860
372.132
Recreation:
Athletic activities
9,700
11,097
(1,397)
10,601
Skating and hockey
26,100
28,757
(2,657)
31,200
Tennis instruction
10,000
10,990
(990)
6,015
Playground
18,100
26,595
(8,495)
23,896
Swimming instruction
23,300
23,739
(439)
(12,130)
Senior citizens
12,550
24,049
(11,499)
11,857
Miscellaneous and
special activities
20.500
10.863
9.637
18.394
Total recreation
120.250
136.090
(15,840
89.833
(Continued)
—46—
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures — Budget and Actual, Continued
Maintenance:
Supervision and overhead:
Personal services $
Contractual services
Commodities
Central services
Total supervision
and overhead
1991
Variance —
favorable
Budget Actual (unfavorable)
71,500 76,088
2,500 2,049
4
301.200 301.200
375.200 379.341
1990
Actual
(4,588) 83,675
451 2,866
(4) 56
289.200
(4-141)
Mowing:
Personal services
55,600
71,385
(15,785)
62,197
Contractual services
—
632
(632)
—
Commodities
1.000
3.083
(2.083)
1.262
Total mowing
56.600
75.100
(18.500)
63.459
Special turf care:
Personal services
105,000
141,056
(36,056)
131,979
Contractual services
12,000
5,999
6,001
20,661
Commodities
35.000
23.133
11,867
25.053
Total special
turf care
152.000
170.188
118.188)
177.693
Planting and trees:
Personal services
90,000
89,314
686
81,277
Contractual services
56,000
111,163
(55,163)
40,106
Commodities
19.000
8.151
10.849
9.613
Total planting
and trees
165.000
208.628
(43.628)
130.996
Litter removal:
Personal services
18,000
14,366
3,634
21,149
Contractual services
5,000
4,716
284
4,584
Commodities
10.000
5.734
4,266
5.180
Total litter
removal
33.000
24.816
8.184
30.913
(Continued)
—47—
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures — Budget and Actual, Continued
—48—
1991
1990
Variance —
favorable
Budget
Actual
(unfavorable)
Actual
Building and equipment:
Personal services $
88,000
92,025
(4,025)
83,896
Contractual services
69,000
90,060
(21,060)
94,943
Commodities
49.400
37.876
11.524
35.361
Total building
and equipment
206.400
219.961
(13,561
214.200
Paths and hard surfaces:
Personal services
12,000
12,763
(763)
17,818
Contractual services
45,000
64,962
(19,962)
16,457
Commodities
4.000
1.552
2,448
3.876
Total paths and
hard surfaces
61.000
79.277
(18,277
38.151
Skating rinks:
Personal services
90,500
85,274
5,226
77,599
Commodities
7.000
3.068
3.932
2.190
Total skating
rinks
97.500
88.342
9.158
79.789
Total maintenance
1.146.700
1.245.653
(98.953)
1.110.998
Capital outlay
84.450
85.341
(891)
101.338
Total parks
1.725.032
1.875.576
(150.544)
1.674.301
Unallocated general
expenditures:
Human Rights Commission
54,900
53,775
1,125
53,214
South Hennepin Human
Services Council
14,892
6,769
8,123
14,394
City's share of special
assessment
65,000
51,450
13,550
42,951
Recycling
159,296
453,910
(294,614)
444,760
Fireworks
6,000
5,212
788
7,000
Contingencies
80,000
37,527
42,473
67,266
Centennial /futures
—
7,250
(7,250)
7,503
Suburban Rate Authority
3,750
1,225
2,525
3,500
Loss subsidy — operating
_
—
5.757
funds
—
Total unallocated
general
expenditures
383.838
617.118
(233.280)
646.345
Central services
—
258.838
(258.838)
(46.504)
Total expen-
ditures $
13.4® 622
14.3
(88, 7.4871
13.3
—48—
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Central Services Expenditures - Budget and Actual
Year ended December 31, 1991
(with comparative actual amounts for year ended December 31, 1990)
1991 1990
Variance -
favorable
Budget- Actual (unfavorable) Actual
General:
Contractual services
$ 2,533,128
2,692,031
(158,903)
2,186,048
Commodities
25,000
35,823
(10,823)
40,083
Capital outlay
19.340
5.000
14.340
26.922
Total general
2,577,468
2732.854
(155,386
2,253,053
City hall:
Personal services
63,896
72,636
(8,740)
73,464
Contractual services
36,500
63,990
(27,490)
41,708
Commodities
29,900
-
29,900
35,535
Fixed charges
12.240
12.240
-
12.000
Total city hall
142,536
148,866
(6.330)
162.707
Public works building:
Personal services
39,267
33,967
5,300
52,138
Contractual services
68,500
69,490
(990)
73,483
Commodities
28,000
33,452
(5,452)
44,565
Fixed charges
7,440
7,440
-
7,200
Capital outlay
6.373
7.638
(1.265)
3,210
Total public works
building
149.580
151.987
(2,407)
180,596
Equipment operations:
Personal services
220,092
222,733
(2,641)
219,469
Contractual services
70,000
78,418
(8,418)
80,029
Commodities
360,500
463,245
(102,745)
402,730
Fixed charges
162,300
162,300
-
154,800
21,384
2.295
19.089
51.512
Total equipment
operations
834 .276
928.991
(94.715)
908.540
Total central ser-
vices expenditures
3,703,860
3,962,698
(258,838)
3,504,896
Less allocation to other
activities
3.703.860
027 3.860
-
3.551.400
Net central services
$ -
258.838
(258.838)
(46.504)
-49-
THIS PAGE
LEFT BLANK
INTENTIONALLY
-50-
SPECIAL REVENUE FUNDS
Special revenue funds account for revenues derived from specific taxes or other
earmarked revenue sources and are usually required by statute or local ordinance and/or
resolution to finance particular functions, or activities of government. The City has the
following special revenue funds:
Community Development Block Grant Fund — This fund was established to account for
funds received under Title I of the Housing and Community Development Act of 1974.
Communications Fund — This fund was established to account for funds received from
the franchise fee of the local cable television service.
—51—
CITY OF EDINA, MINNESOTA
Special Revenue Funds
Combining Balance Sheet
December 31, 1991
(with comparative totals for December 31, 1990)
Assets
Cash
Due from other governments
Investments
Interest receivable
Total assets
Liabilities and Fund Balance
Liabilities:
Cash deficit
Accounts payable
Due to other governments
Total liabilities
Fund balance:
Unreserved — undesignated
Total liabilities
and fund balance
Community
Development
Block Grant Communications
$ 19,309 —
824,296
— 24.436
$ 19.302 84®
Total
1291 1990
19,309 -
- 54,174
824,296 858,466
24.436 4.926
86® 917.566
— 32,242 32,242 25,396
— 9,600 9,600 16,806
19,309 — 19,302 -
19,309 41,842 61,151 42,202
806.890 806.890 875.364
$ 19.309
868,011 917.566
—52—
CITY OF EDINA, MINNESOTA
Special Revenue Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balance
Year ended December 31, 1991
(with comparative totals for year ended December 31, 1990)
Community
Development Totals
Block Grant Communications 1991 1990
Revenues:
Franchise fee
$ -
133,680
133,680
96,715
Intergovernmental:
Federal grants
63,960
-
63,960
95,669
Interest on investments
-
55,930
55,930
68,614
Miscellaneous
-
-
-
43,074
Totalrevenues
63.960
189,610
253,570
304.072
Expenditures:
Current:
Other:
Personal services
-
83,036
83,036
58,899
Contractual services
63,960
150,426
214,386
192,449
Commodities
-
3,838
3,838
13,931
Fixed charges
-
16,380
16,380
15,600
Capital outlay
-
4.404
4.404
3.824
Total expenditures
63.960
258.084
322,044
284.703
Excess (deficiency) of revenues
over expenditures
-
(68,474)
(68,474)
19,369
Fund balance - January 1
875,364
875.364
855.995
Fund balance - December 31
$
806.890
80®
875.364
-53-
DEBT SERVICE FUNDS
The Debt Service Funds finance and account for the payment of principal and interest on
the General Obligation Redevelopment and Tax Increment Bonds. Provisions are made
in the City's general property tax levy for money sufficient to meet the general
obligation debt. The Improvement Bond Redemption II Fund was established to finance
and account for payment of principal and interest on special assessment bonds issued.
Financing of this debt service comes primarily from special assessments levied against
benefited properties.
—54—
CITY OF EDINA, MINNESOTA
Debt Service Funds
Combining Balance Sheet
December 31, 1991
(with comparative totals for December 31, 1990)
-55-
General
Improvement
Debt
Bond
Totals
Assets
rvic
Redemption H
1991
1990
Accounts receivable
$ -
14,448
14,448
2,617
Special assessments
receivable:
Delinquent
-
69,125
69,125
43,978
Current
-
489,525
489,525
323,245
Deferred
-
3,608,182
3,608,182
1,523,869
Due from other funds
200,000
-
200,000
200,000
Due from other governments
-
-
-
50.328
Total assets
$ 20
44 -18®
4.381.280
22 -14
Liabilities and Fund Balance
Liabilities:
Cash deficit
-
455,372
455,372
425,525
Accounts payable
-
52
52
78
Due to other governments
-
54,660
54,660
61,901
Deferred revenue
-
4,166,832
4, 166.832
1.891.092
Total liabilities
-
4.676.916
4,676,916
2.378.596
Fund balance (deficit):
Reserved for debt
service
200,000
-
200,000
200,000
Unreserved - undesignated
-
(495.636)
(495.636)
(434.559)
Total fund balance
(deficit)
200.000
(495.636)
(295.636)
(234.559)
Total liabilities
and fund
balance
$ Q
4,181,289
4-381.280
2.12
-55-
CITY OF EDINA, MINNESOTA
Debt Service Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance (Deficit)
Year ended December 31, 1991
(with comparative totals for year ended December 31, 1990)
-56-
General
Improvement
Debt
Bond
Totals
Service
Redemption II
1991
1990
Revenues:
Special assessments
$ -
782,058
782,058
737,304
Interest on investments
9,682
Total revenues
-
782,058
782,058
746,986
Expenditures:
Current:
Other
-
2,975
2,975
2,302
Debt service:
Bond principal
930,000
550,000
1,480,000
1,485,000
Interest and fiscal
charges
4,093,265
290,160
4,383,425
4,348,141
Total expenditures
5,023,265
843,135
5,866,400
5,835,443
Deficiency of
revenues over
expenditures
(5,023,265)
(61,077)
(5,084,342)
(5,088,457)
Other financing sources:
Operating transfer in:
HRA
25.0 3,265
5,023,265
4,954,881
Deficiency of revenues and
other financing sources
over expenditures
-
(61,077)
(61,077)
(133,576)
Fund balance (deficit) -
January 1
200,000
4( 34,559)
(234,559)
(100,983)
Fund balance (deficit) -
December 31
$ 200. 000
(495.636)
(295®636,1
(234.5591
-56-
THIS PAGE
LEFT BLANK
INTENTIONALLY
-57-
CAPITAL PROJECT FUNDS
Capital Project Funds account for the resources expended to acquire assets of a
relatively permanent nature other than those financed by enterprise funds.
Construction Fund - This fund is used to account for the various special assessment and
state -aid projects throughout the City.
Housing and Redevelopment Authority of Edina Fund - This fund is used to account for
revenues from several sources (property taxes, bond proceeds, investment earnings, etc.)
that are designated for housing and redevelopment.
Revolving Fund - This fund was established to provide financing for capital
improvements as designated in the City's capital improvement budget.
-58-
Assets
Cash
Investments
Accounts receivable
Prepaid insurance
Special assessments receivable:
Delinquent
Deferred
Due from other funds
Loan receivalbe
Interest receivable
Total assets
Liabilities and Fund Balance
Liabilities:
Cash deficit
Accounts payable
Contracts payable
Deferred revenue
Total liabilities
Fund balance (deficit):
Unreserved - undesignated
Total liabilities
and fund balance
CITY OF EDINA, MINNESOTA
Capital Project Funds
Combining Balance Sheet
December 31, 1991
(with comparative totals for December 31, 1990)
Construction
6,075,140
26,514
48,733
1.600
6,151,987
Housing and
Redevelopment
Authority of
Totals
Edina
Revolving
1991
1990
60,225
-
60,225
-
1,047,168
6,420,269
7,467,437
15,393,906
737,888
81,087
818,975
31,000
2,266
-
2,266
647
-
8,976
8,976
12,883
-
239,724
239,724
269,978
8,603,431
371,489
8,974,920
4,634,605
794,779
-
794,779
624,779
31,377
-
31,377
282,263
11.277.134
7.121.545
18.398.679
21.250.061
27,712
19,553
47,265
(6,151,987) 11,229,869
$ 11.277) 34
-59-
738,377 6,813,517 4,638,107
6,587 60,813 653,617
- 68,286 292,510
248,700 250,300 282,861
993,664 7,192,916 5,867,095
6,127,881 11,205,763 15,382,966
7.12® 18.3 21.2®
CITY OF EDINA, MINNESOTA
Capital Project Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance
Year ended December 31, 1991
(with comparative totals for year ended December 31, 1990)
-60-
Housing and
Redevelopment
Authority of
Totals
Construction
Edina
Revolving
1991
1990
Revenues:
Tax increments
$ -
4,238,340
-
4,238,340
3,129,054
Special assessments
-
-
198,631
198,631
198,738
Intergovernmental
102,000
-
-
102,000
81,670
Interest on investments
-
368,516
353,813
722,329
1,134,006
Rental of property
-
-
100,000
100,000
100,000
Miscellaneous
2,451,001
286,612
19,286
2,756,899
2,322,258
Total revenues
2,553,001
4,893,468
671,730
8,1 18,199
6,965,726
Expenditures:
Current:
Personal services
-
194,768
-
194,768
202,534
Insurance
Professional fees
-
-
-
37,361
-
20,652
-
58,013
-
255,320
Other
-
148,110
799
148,909
5,414
Special assessments
-
1,961,481
-
1,961,481
59,944
Construction costs
4,072,628
684,320
571,634
5,328,582
7,755,740
Total expenditures
4,072,628
3,026,040
593,085
7,691,753 7
8,278,952
Excess (deficiency) of reve-
nues over expenditures
(1,519,627)
1,867,428
78,645
426,446
(1,313,226)
Other financing sources (uses):
Proceeds from issuance of bonds
-
-
-
-
3,051,998
Proceeds from sale of land
-
2,616
-
2,616
51,824
Operating transfers in (out):
General Debt Service Fund
-
-
117,000
117,000
-
General Fund
-
-
320,000
320,000
245,000
Construction Fund
-
-
(328,128)
(328,128)
(896,153)
improvement Bond Redemption II Fund
-
(5,023,265)
-
(5,023,265)
(4,954,881)
Revolving Fund
328,128
-
-
328,128
896,153
Enterprise Fund
-
-
(20,000)
(20,000)
(80,000)
Total other financing
sources (uses)
328,128
(5,020,649)
88,872
(4,603,649)
(1,686,059)
Excess (deficiency) of reve-
nues and other financing
sources over expenditures
and other financing uses
(1,191,499)
(3,153,221)
167,517
(4,177,203)
(2,999,285)
Fund balance (deficit) - January 1
(4,960,488)
14,383,090
5,960,364
15,382,966
18,382,251
Fund balance (deficit) - December 31
$ 6 151 987
11.2®
6.12�7.881�
11.2 5
-60-
ENTERPRISE FUNDS
Enterprise Funds account for the financing of self - supporting activities of governmental
units which render services to the general public on a user charge basis. Records are
maintained on the accrual basis of accounting. The reports of Enterprise Funds are
similar to private enterprise and are self- contained. Creditors, legislators or the
general public can evaluate the performance of the municipal enterprise on the same
basis as investor -owned enterprises.
The following enterprise funds were established to account for the operation of
City -owned facilities:
Utilities Fund
Liquor Fund
Swimming Pool Fund
Golf Course Fund
Arena Fund
Gun Range Fund
Art Center Fund
Edinborough Park Fund
All activities necessary to provide such services are accounted for in these funds,
including, but not limited to, administration, operations, maintenance, financing, debt
service, billing and collection.
—61—
CITY OF EDINA, MINNESOTA
Enterprise Funds
Combining Balance Sheet
December 31, 1991
(with comparative totals for December 31, 1990)
Current assets:
Petty cash and change funds
Cash and cash equivalents
Investments
Receivables:
Accounts
Customers
Special assessments
Metropolitan Waste Control
Notes
Interest
Due from other funds
Inventory
Total current assets
Long -term receivables:
Metropolitan Waste Control Commission
Property and equipment, less
accumulated depreciation
Discount on bonds
Total assets
Liabilities and Fund Equity
Current liabilities:
Cash deficit
Accounts payable
Accrued interest payable
Total current liabilities
Long -term liabilities:
Due to other funds
Reserve for construction
Deposits payable
Deferred revenue
Bonds payable
Total long -term liabilities
Total liabilities
Fund equity:
Contributed capital
Retained earnings:
Reserved for debt retirement
Unreserved - undesignated
Total retained earnings
Total liabilities and fund
equity
-62-
Swimming
Utilities Liquor Pool
$ - 3,500 -
1,756,564 - -
- 484 -
1,066,392 - -
3,177 - -
57,311 - -
- 5,322 -
22.026 425.557 -
2.905.470 434.863 -
39.284 - -
21,362,682 634,455 560,443
22.528
$ 24.329.964 1.069.318 560.443
- 49,215 45,138
90,389 173,382 54,865
74.133 -
164.522 222.597 100.003
371,489
39,284 - -
2.740.000 - -
2.779.284 - 371.489
2.943.806 222.597 471.492
412,920 - -
20.973.238 846.721 88.951
21.386.158 846.721 88.951
$ 24.329.964 1.069.318 560.443
Golf
Gun
Art
Edinborough
Totals
36,702
Course Arena
Range
Center
Park
1991
1990
2,500 700
—
100
1,500
8,300
7,650
_ —
2,296
—
—
1,758,860
1,962,114
1,365,800 —
—
62,054
—
1,427,854
2,028,197
28,480 60,569
700
—
2,461
92,694
73,751
1.879.250 — 40.750
2,752.285 1.011 127.077
—
787.714
11.194.265
578.311
—
1,066,392
885,044
578.311
—
826,815
_
—
3,177
1,282
22.085.115
_
_
—
57,311
155,267
22.554.939
_
_
—
5,322
5,322
46,147 —
—
—
19,736
65,883
199,024
_
—
5,757
374,782
380,539
5,757
—
10.764
—
458.347
326.602
4 2927 61.269
7i.999
78.675
398.479
5.324.679
5.650.010
39.284 96.446
3,768,500 1,917,345 28,300 331,388 644,919 29,248,032 27,848,265
30.022 19.961 — _ — 72.511 78.428
5741.449 1-999-575 31.296 414.063 1-043-399 34'6 33.6
233,639
856,103 — 128,945
740,853
2,053,893
1,724,409
36,702
16,932 1,011 7,382
46,861
_
427,524
74.133
366,971
84.008
270 .341
_
873.035 1.011 136.327
787.714
2.555.550
2.175.388
_
_ — 40,000
—
411,489
50,000
_ — 750
—
750
750
13,692
3,500 — —
—
17,192
11,184
_
3.554.250
_ _ _
1.875.750 — —
_
—
39,284
8.170.000
8.638.715
96,446
8.560.000
8.718.380
3.567.942
3.838.283
1.879.250 — 40.750
2,752.285 1.011 127.077
—
787.714
11.194.265
578.311
10.893.768
224.442
413,895
—
— — —
578.311
—
826,815
826,815
989.271
(753.710) 30.285 232.986
(322.627)
22.085.115
21.728.124
1.403.166
(753.710) 30.285 232.986
(322.627)
22.911.930
22.554.939
- .24�
1.299,575 31,296 410+063
—63—
L443-32$
4 6�
33,6 -y 6 73-149
CITY OF EDINA, MINNESOTA
Enterprise Funds
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1991
(with comparative totals for year ended December 31, 1990)
Sales and cost of sales:
Sales
Cost of sales
Gross profit
Operating revenues:
Charges for services
Total gross profit and
operating revenues
Operating expenses:
Disposal charges
Personal services
Contractual services
Commodities
Central services
Depreciation
Total operating expenses
Operating income (loss)
Nonoperating revenues (expenses):
Contribution from special assessments
Income on investments
Current value credit — MWCC
Donations
Interest and fiscal charges
Subsidy from general fund
Amortization of bond discount
Miscellaneous
Total nonoperating revenues
(expenses)
Income (loss) before operating
transfers
Operating transfers in (out):
General fund
Revolving fund
Net income (loss)
Add depreciation on contributed assets
Increase (decrease) in retained
earnings
Retained earnings (deficit) — January 1
Prior period adjustment
Retained earnings (deficit) — December 31
*As originally reported.
—64—
Swimming
Utilities Liquor Pool
$ —
5,375,006
-
-
4.19 4.179
-
-
1,190,827
—
5.357.650
104,457
5.357.650
1,190.827
104.457
2,877,048
—
—
633,594
459,011
75,251
662,221
100,711
18,336
317,712
21,943
8,475
268,140
149,160
4,440
824.787
42.638
(8.8471
WIVAZfl
583,464 — —
4,078 — —
61,020 — —
392,992 — —
(175,245) — —
(3.004) — —
(1.3201 —
963.305 (1.320) —
637,453 416,044 6,802
(380,000) —
637,453 36,044 6,802
637,453 36,044 6,802
16,649,426 810,677
4.099.279
$ 21.386.158 846.721
82,149
Golf Gun Art Edinborough Totals
Course Arena Ranee Center Park 1991 1990
5,375,006 5,066,227
_ — 4.184.179 4.025.160
1,190,827 1,041,067
1.663.374
1.663.374
754,823
263,926
171,205
92,400
344,508
1.626.862
36.512
113,406
(272,489)
(1,739)
(160.822)
(124,310)
626.708
37.218
195.662
444,907
8.429.976
7.956.777
626.708
37.218
195.662
444,907
9.620.803
8.997.844
_
_
_
—
2,877,048
2,396,472
241,514
17,407
177,335
444,736
2,803,671
2,593,721
201,850
8,398
17,291
316,617
1,589,350
1,576,900
31,615
8,488
28,891
256,797
845,126
782,895
41,376
1,260
16,210
66,000
638,986
605,458
104,979
7.156
29.222
56.997
1.401.440
857.949
621,334
42.709
268.949
1.141.147
10.155.621
8.813.395
5.374 (5.491) (73.287) (696.240) (534.818) 184.449
3,002
19,008
(135,201) — —
(1,174) — —
3.737
(136.375) — 25.747
(131,001) (5,491) (47,540)
10.000 - 10.000
(124,310) (121,001) (5,491) (37,540)
(124,310) (121,001) (5,491) (37,540)
1,527,476 (632,709) 35,776 270,526
1-401 (753.710) 30.285 232.986
—65—
- JOJ,7VT
643,640 764,126
-
612,794
— 61,020
61,020
— 412,000
28,700
— (582,935)
(605,680)
_ —
5,757
— (5,917)
2.417
(5,758)
(1.514)
95.319
643.640 1.234.175
(52,600) 699,357
279,768
(380,000) (350,000)
(52,600)
339,357
109,768
17.634
17.634
24.712
(34,966)
356,991
134,480
(287,661)
(322,627
22,554,939
22-911,930
18,321,180*
4.099.279
225
CITY OF EDINA, MINNESOTA
Enterprise Funds
Combining Statement of Cash Flows
Year ended December 31, 1991
(with comparative totals for year ended December 31, 1990)
Swimming
Cash flows from noncapital financing activities:
Acquisition of capital assets
Utilities
Liquor Pool
Cash flows from operating activities:
Miscellaneous
— 1,045 —
Operating income (loss) $
(225.852)
417.364 6.802
Adjustments to reconcile operating income (loss)
Operating transfer from General Fund
— — —
to net cash provided (used) by operating activities:
— — —
Contributed assets
Depreciation expense
824,787
42,638 (8,847)
Depreciation reclassification
—
— —
Changes in assets and liabilities:
investing activities
373.725 —
(Increase) decrease in accounts receivable
(85,287)
5,777 —
Decrease in notes receivable
—
— —
Increase in due to (from) other funds
—
— 371,489
(Increase) decrease in inventory
(8,843)
(124,943) —
Decrease in long —term receivable
57,162
— —
Increase (decrease) in accounts payable
40,624
21,742 500163
Increase (decrease) in accrued interest
(9,875)
— —
Increase in deposits payable
—
— —
Decrease in deferred revenue
(57,162)
— —
(Increase) decrease in petty cash
—
300 —
Total adjustments
761.406
(54.486) 412.805
Net cash provided (used) by operating
activities
535.554
362.878 419.607
Cash flows from noncapital financing activities:
Acquisition of capital assets
(742,762) (37,214) (360,777)
Cash over (short)
— (2,365) —
Miscellaneous
— 1,045 —
Donations
— — —
Operating transfer to General Fund
— (380,000) —
Operating transfer from General Fund
— — —
Operating transfer from Revolving Fund
— — —
Contributed assets
— — —
Current value credit
61.020 —
Net cash provided (used) by non—
—
capital financing activities
(681.742) (418-534) (360.777)
Cash flows from capital financing activities:
Receipt (payment) from (to) other funds
— — —
Principal paid on revenue bonds
(250,000) — —
Interest paid on revenue bonds
(175.245) —
Net cash used by capital
financing activities
(425.245) — —
Cash flows from investing activities:
(Increase) decrease in investments
369,647 — —
Decrease in interest receivable
4,078 — —
Interest on investments
—
Net cash provided (used) by
investing activities
373.725 —
Net increase (decrease) in cash
and cash equivalents
(197,708) (55,656) 58,830
Cash and cash equivalents (deficit),
beginning of year
1-954-272 6.441 (103.968)
Cash and cash equivalents (deficit),
end of year
$ 1,756-564 (49.215) (45.138)
Golf
Gun
Art
Edinborough
Totals
Course
Arena
Ranee
Center
Park
1991
1990
36.512
5.374
(5.491)
(73.287)
(696.240)
1 35 4.818)
184, 44
344,508
104,979
7,156
29,222
56,997
1,401,440
892,157
_
_
_
_
-
-
(34,208)
(28,045)
(3,109)
(700)
(150)
7,283
(104,231)
(43,327)
_
_
_
_
11,339
-
(374,782)
(3,293)
(5,757)
2,041
-
(131,745)
158,168
_
-
57,162
54,964
(68,075)
(2,357)
(70)
(4,952)
23,478
60,553
85,626
1,850
-
-
-
-
(8,025)
(4,180)
6,008
-
-
-
-
6,008
2,313
_
_
_
_
150
-
(800)
(57,162)
(650)
(54,964)
-
(300)
255.946
-
99.513
-
6.386
26.311
(287.824)
1.220.057
1.062.131
292'458
104.887
895
(46.976)
(984.064)
685.239
1.246.580
(233,948)
-
-
(3,706)
(446,343)
(1,824,750)
(3,029,716)
_
_
(2,365)
(4,965)
3,737
-
4,782
3,451
19,008
-
19,008
28,700
_
-
(380,000)
(350,000)
_
_
_
_
_
-
105,757
-
10,000
-
10,000
-
20,000
80,000
_
_
_
-
-
371,503
-
(74.840)
371,503
61.020
(1.730.802)
-
61.020
(3.105.753)
(233.948)
`
10.000
=_
29.039
(10,000)
-
(10,000)
50,000
(120,750)
(19,250)
-
-
-
(390,000)
(220,000)
(272.489)
(135.201)
-
_
_
(582.935)
(605.680)
(393.239)
(154,451
-
(10.000)
-
(982.935)
(775.680)
241,687
-
-
(10,991)
-
600,343
1,945,090
_
_
_
_
131,291
135,369
23,940
113.406
-
-
3.002
643,640
760.048
612.794
355.093
-
-
(7.989)
774.931
1,495,760
2,581.824
20,364
(39,564)
895
(35,926)
(283,973)
(532,738)
(53,029)
(254.003)
(816.539)
1.401
(93.019)
(456.880)
237.705
290.734
(233.639)
(856"103)
2.296
(128"945)
)
(295,033 )
237.705
-67-
CITY OF EDINA, MINNESOTA
Utilities Fund
Balance Sheet
December 31, 1991
(with comparative amounts for December 31, 1990)
Assets
1991 1990
Current assets:
Cash and cash equivalents
$ 1,756,564
1,954,272
Investments
—
369,647
_ Receivables:
Customers
1,066,392
885,044
Assessments
3,177
1,282
Due from Metropolitan Waste Control
57,311
155,267
Inventory
22.026
13.183
Total current assets
2,905,470
3,378,695
Long —term receivable — Metropolitan Waste
Control Commission
39,284
96,446
Property and equipment, less accumulated
_
depreciation
21,362,682
20,468,251
Discount on bonds
22.528
25.532
Total assets
$ 24.329.964
23.968.924
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
90,389
49,765
-- Accrued interest payable
74.133
84.008
Total current liabilities
164,522
133,773
Long —term liabilities:
Deferred revenue
39,284
96,446
Bonds payable
2.740.000
2.990.000
Total liabilities
2.943.806
3.220.219
Retained earnings:
Reserved for debt service
412,920
412,920
Unreserved — undesignated
20.973.238
20.335.785
Total retained earnings
21.386.158
20.748.705
Total liabilities and retained earnings
$ 24.329.964
23.968.924
—68—
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1991
(with comparative amounts for year ended December 31, 1990)
1991 1990
Operating revenues:
Storm sewer charges $ 573,387
Water charges 1,374,863
Sewer charges 3,326,319
Sale of meters (less cost of meters sold) 15,265
Other 67.816
Total operating revenues 5.357.650
Operating expenses:
556,125
1,355,273
3,040,952
20,055
60.604
5.033.009
Disposal charges - contractual services
2,877,048
2,396,472
Source of supply:
Personal services
113,507
74,418
Contractual services
78,609
12,075
Commodities
89,941
82,709
Distribution:
Personal services
208,176
186,805
Contractual services
326,099
330,715
Commodities
118,234
112,732
Purification:
Personal services
31,960
5,172
Contractual services
7,395
35,679
Commodities
53,627
47,354
Source of collection:
Personal services
46,348
111,706
Contractual services
4,775
81,873
Commodities
45,500
94,370
Storm sewer:
Personal services
1,139
59,749
Contractual services
22,360
63,533
Commodities
751
39,201
General and administrative:
Personal services
232,464
194,341
Contractual services
222,983
155,986
Commodities
9,659
3,002
Central services
268,140
256,200
Depreciation
824.787
414.056
Total operating expenses
5.583.502
4.758.148
Operating income (loss)
(225.852)
274.861
(Continued)
-69-
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings, Continued
1991 1990
Nonoperating revenues (expenses):
Contribution from special assessments
$ 583,464
—
Interest on investments
4,078
103,371
Current value credit — MWCC
61,020
61,020
Donations
392,992
—
Interest and fiscal charges
(175,245)
(194,382)
Amortization of bond discount
(3.004)
(3.034)
Total nonoperating revenues (expenses)
863.305
(33.025)
Net income
637,453
241,836
Retained earnings — January 1
20,748,705
16,407,590*
Prior period adjustment
—
4.099.279
Retained earnings — December 31
$ 21.386.158
20.748.705
*As originally reported.
—70—
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Cash Flows
Year ended December 31, 1991
(with comparative amounts for year ended December 31, 1990)
Cash flows from operating activities:
Operating income (loss)
Adjustments to reconcile operating income
to net cash provided by operating activities:
Depreciation expense
Changes in assets and liabilities:
Increase in accounts receivable
(Increase) decrease in inventory
Decrease in long -term receivable
Increase in accounts payable
Decrease in accrued interest payable
Decrease in deferred revenue
Total adjustments
Net cash provided by operating activities
Cash flows from noncapital financing activities:
Acquisition of capital assets
Current value credit
Net cash used by noncapital
financing activities
Cash flows from capital financing activities:
Principal paid on revenue bonds
Interest paid on revenue bonds
Net cash used by capital financing
activities
Cash flows from investing activities:
Decrease in investments
Interest on investments
Net cash provided by investing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year
-71-
1991 1990
$ (225.852) 274.861
824,787 414,056
(85,287)
(67,211)
(8,843)
15,829
57,162
54,964
40,624
8,643
(9,875)
(4,180)
(57.162)
(54.964)
761.406
367.137
535.554
641,998
(742,762)
(2,060,114)
61.020
61.020
(681.742)
(1,999,094)
(250,000) (170,000)
(175.245) (194.382)
(425.245) (364.382)
369,647
1,848,535
4.078
103.371
373.725
1,951,906
(197,708)
230,428
1,954,272
1 2 44
$ 1.7®
1354.272
CITY OF EDINA, MINNESOTA
Liquor Fund
Balance Sheet
December 31, 1991
(with comparative amounts for December 31, 1990)
Assets
1991 1990
Current assets:
Cash and cash equivalents
$ -
6,441
Petty cash and change funds
3,500
3,800
Accounts receivable
484
6,261
Notes receivable
5,322
5,322
Inventory
425.557
03 0.614
Total current assets
434,863
322,438
Property and equipment, less accumulated
- depreciation
634.455
639.879
Total assets
$
962.317
Liabilities and Retained Earnings
Current liabilities:
Cash deficit
49,215
-
Accounts payable
173,382
1_ 51.640
Total current liabilities
222,597
151,640
Retained earnings:
Unreserved - undesignated
846.72_1.
810.677
Total liabilities and retained earnings
$ 1.069.318
962.317
-72-
CITY OF EDINA, MINNESOTA
Liquor Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1991
(with comparative totals for year ended December 31, 1990)
Sales
Cost of sales
Gross profit
Operating expenses:
Selling
Occupancy
Administrative
Total operating
expenses
Operating income
Nonoperating
revenues
(expenses):
Interest on invest-
ments
Cash short
Miscellaneous
Total nonoperating
revenues
(expenses)
Income before
operating
transfer out
Operating transfer
out:
General Fund
Net income (loss)
Retained earnings —
January 1
Retained earnings —
December 31
— — — — 348
(450) (1,111) (804) (2,365) (4,965)
240 112 693 1.045 1.251
(210) (999) (111) (1.320) (3.366)
$ 46.631 184.238 180 416,044 236,413
—73—
(380.000) (350.000)
36,044 (113,587)
810.677 22.4
$ 81®
1991
1990
50th Street
Yorkdale
Grandview
Totals
Totals
$ 1,110,734
2,169,427
2,094,845
5,375,006
5,066,227
849.117
1698.281
1.636.781
4,184.179
4.025.160
261.617
471,146
458,064
1.190.827
1,041,067
64,090
89,992
100,350
254,432
212,104
31,890
31,803
36,677
100,370
103,083
118.796
164.114
135,751
418,661
486.101
21 -4,776
285.909
272,778
773.463
801.288
46.841
185.237
185.286
417,364
239.779
— — — — 348
(450) (1,111) (804) (2,365) (4,965)
240 112 693 1.045 1.251
(210) (999) (111) (1.320) (3.366)
$ 46.631 184.238 180 416,044 236,413
—73—
(380.000) (350.000)
36,044 (113,587)
810.677 22.4
$ 81®
CITY OF EDINA, MINNESOTA
Liquor Fund
Statement of Cash Flows
Year ended December 31, 1991
(with comparative amounts for year ended December 31, 1990)
1991 1990
Cash flows from operating activities:
Operating income
$ 417.364
239.779
Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation expense
42,638
38,786
Changes in assets and liabilities:
(Increase) decrease in accounts receivable
5,777
(5,901)
Decrease in notes receivable
-
11,339
(Increase) decrease in inventory
(124,943)
147,036
- Increase in accounts payable
21,742
2,488
Decrease in petty cash
300
-
Total adjustments
(54,486)
193,748
Net cash provided by operating activities
362.878
433-527
Cash flows from noncapital financing activities:
Acquisition of capital assets
(37,214)
(39,621)
Cash short
(2,365)
(4,965)
Miscellaneous
1,045
1,251
Operating transfer to general fund
(380.000)
(350.000)
Net cash used by noncapital financing
activities
4( 18.534)
(393.335)
Cash flow from investing activities:
Interest on investments
-
348
Net increase (decrease) in cash and cash equivalents
(55,656)
40,540
Cash and cash equivalents (deficit), beginning of year
6.441
(34.099)
Cash and cash equivalents (deficit), end of year
$ (49-2151
6.441
-74-
-75-
CITY OF EDINA, MINNESOTA
Liquor Fund
Schedule of Operating Expenses
Year ended December 31, 1991
(with comparative amounts for
year ended December 31, 1990)
Totals
50th Street
Yorkdale
Grandview
1991
1990
Selling:
Personal services
$ 56,494
79,768
90,284
226,546
179,986
Contractual services:
Direct promotion
4,457
3,775
4,421
12,653
15,580
Commodities
3.139
6,449
5.645
15.233
16.538
Total selling
64.090
89.992
100.350
254.432
212,104
Occupancy:
Personal services
526
2,119
747
3,392
5,969
Contractual services:
Burglar alarm
729
1,010
739
2,478
2,454
Heat
478
1,056
1,431
2,965
3,715
Janitorial service
154
260
-
414
475
Laundry and rug
service
684
1,003
764
2,451
2,825
Light and power
7,762
11,173
6,002
24,937
27,536
Maintenance, renting
and cooling
233
-
-
233
-
Repair and maintenance
3,656
2,060
1,763
7,479
5,642
Rubbish hauling
1,133
798
1,869
3,800
3,695
Telephone
2,028
2,179
1,828
6,035
6,954
Water and sewer service
347
72
115
534
465
Commodities
754
1,211
1,049
3,014
4,567
Depreciation
13.406
8.862
20.370
42.638
38.786
Total occupancy
31.890
31.803
36.677
100.370
103.083
Administrative:
Personal services
74,421
88,190
66,462
229,073
293,547
Contractual services:
Data processing
4,639
4,779
4,805
14,223
16,028
Mileage
-
1,950
10
1,960
1,373
Professional service
4,439
6,736
7,497
18,672
24,715
Miscellaneous
773
534
570
1,877
7,729
Commodities
1,044
1,205
1,447
3,696
3,509
Central services
33.480
60,720
54.960
149.160
139.200
Total administrative
118.796
164,114
135.751
418.661
486.101
$ 214.776
285.909
272.778
77 AU
801.288
-75-
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Balance Sheet
December 31, 1991
(with comparative amounts for December 31, 1990)
Assets
Property and equipment, less accumulated
depreciation
Total assets
Liabilities and Retained Earnings
Current liabilities:
Cash deficit
Accounts payable
Due to other funds
Total current liabilities
Retained earnings:
Unreserved - undesignated
Total liabilities and retained
earnings
-76-
1991 1990
$ 560.443 190.819
$ 190.819
45,138 103,968
54,865 4,702
371.489 -
471,492 108,670
88.951 z _82.149
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1991
(with comparative amounts for year ended December 31, 1990)
Operating revenues:
Season tickets
General admissions
Rentals and instruction programs
Concessions (less cost of goods sold)
Other
Total operating revenues
Operating expenses:
Personal services
Contractual services
Commodities
Central services
Depreciation
Total operating expenses
Operating income (loss)
Retained earnings — January 1
Retained earnings — December 31
—77—
1991 1990
$ 58,519
19,987
18,248
56,867
13,832
9,225
13,556
13,446
302
(266)
104.457
99.259
75,251
70,923
18,336
16,880
8,475
6,607
4,440
4,200
(8.847)
45.241
97.655
143,851
6.802 4( 4.592)
82.149 126,741
$ 88.951
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Statement of Cash Flows
Year ended December 31, 1991
(with comparative amounts for year ended December 31, 1990)
Cash flows from operating activities:
Operating income (loss)
Adjustments to reconcile operating loss to
net cash provided by operating activities:
Depreciation expense
Depreciation reclassification
Changes in assets and liabilities:
Increase in accounts payable
Increase in due to other funds
Total adjustments
Net cash provided by operating activities
Cash flows from noncapital financing activities:
Acquisition of capital assets
Net increase (decrease) in cash and cash equivalents
Cash deficit, beginning of year
Cash deficit, end of year
—78—
1991 1990
$ 6.802 4( 4.592)
(8,847)
17,309
—
27,932
50,163
4,694
371,489
-
412.805
49.935
419,607
5.343
(360.777) (25.189
58,830 (19,846)
03.968) (84.122
$ (455,138) (103.9681
CITY OF EDINA, MINNESOTA
Golf Course Fund
Balance Sheet
December 31, 1991
(with comparative amounts for December 31, 1990)
Assets
1991
1990
Current assets:
Petty cash and change funds
$ 2,500
2,200
Investments
1,365,800
1,607,487
Accounts receivable
28,480
435
Accrued interest
46.147
47.997
Total current assets
1,442,927
1,658,119
Property and equipment, less accumulated
depreciation
3,768,500
3,879,060
Discount on bonds
30.022
31,761
Total assets
$ 5-241®.449
5- 56�8.94�0
Liabilities and Retained Earnings
Current liabilities:
Cash deficit
233,639
254,003
Accounts payable
36.702
104.777
Total current liabilities
270,341
358,780
Long —term liabilities:
Deposits payable
13,692
7,684
Bonds payable
3,554,250,
3,675.000
Total liabilities
3.838.283
4,041,464
Retained earnings:
Reserved for debt retirement
413,895
413,895
Unreserved — undesignated
989.271
1,113,581
Total retained earnings
1,403,166
1,527,476
Total liabilities and retained earnings
—79—
CITY OF EDINA, MINNESOTA
Golf Course Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1991
(with comparative amounts for year ended December 31, 1990)
1991 1990
Operating revenues:
119,435
(272,489)
Green fees
$ 703,655
708,019
Rental fees
227,040
207,209
Patron cards
106,564
95,053
Concessions (less cost of goods sold)
101,729
89,740
Range
236,538
229,299
Dome
213,967
253,529
Lessons
60,794
31,814
Other
13.087
17.923
Total operating revenues
1,663,374
1,632,586
Operating expenses:
Administration
414,362
352,751
Building — Club House and Pro Shop
87,378
107,983
Maintenance of course and grounds
440,421
386,899
Range and grill
203,938
191,040
Dome
136,255
108,789
Depreciation
344.508
180.479
Total operating expenses
1.626.862
1.327.941
Operating income
36.512
304,645
Nonoperating revenues (expenses):
Interest on investments
Interest and fiscal charges
Amortization of bond discount
Total nonoperating expenses
Net income (loss)
Retained earnings — January 1
Retained earnings — December 31
15:1;12
113,406
119,435
(272,489)
(276,097)
(1.739)
(1.254)
(160.822)
(157.916)
(124,310) 146,729
1,527,476 1,380,747
$ 1.403. 661 1.52 ,7
CITY OF EDINA, MINNESOTA
Golf Course Fund
Statement of Cash Flows
Year ended December 31, 1991
(with comparative amounts for year ended December 31, 1990)
Cash flows from operating activities:
Operating income
Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation expense
Depreciation reclassification
Changes in assets and liabilities:
(Increase) decrease in accounts receivable
Increase in accrued interest receivable
Increase (decrease) in accounts payable
Increase in petty cash
Increase in deposits payable
Total adjustments
Net cash provided by operating activities
Cash flow from noncapital financing activities:
Acquisition of capital assets
Net cash used by noncapital financing
activities
Cash flows from capital financing activities:
Principal paid on revenue bonds
Interest paid on revenue bonds
Net cash used by capital
financing activities
Cash flows from investing activities:
Decrease in investments
Interest on investments
Net cash provided by investing activities
Net increase (decrease) in cash and cash equivalents
Cash deficit, beginning of year
Cash deficit, end of year
—81—
1991 1990
$ 36.512 304,645
344,508 249,476
— (68,997)
(28,045)
9,565
1,850
6,522
(68,075)
34,173
(300)
6.008
—
2.313
255.946
233.052
292.458
537.697
(233.948)
(233,948
)
(120,750)
(272,489
)
(393.239)
241,687
113.406
355.093
20,364
(254,003
(629.897)
2(6 9.8971
(50,000)
(276.097)
(326.0971
147,618
119.435
267.053
(151,244)
10( 2.759)
(254.003)
CITY OF EDINA, MINNESOTA
Golf Course Fund
Schedule of Operating Expenses
Year ended December 31, 1991
(with comparative amounts for year ended December 31, 1990)
1991 1990
Administration:
Personal services
$ 284,083
210,072
Contractual services
15,885
39,519
Commodities
21,994
17,360
Central services
92.400
85.800
Total administration
414.362
352.751
Building - Club House and Pro Shop:
Personal services
31,892
48,919
Contractual services
50,507
63,062
Less amount charged to grill
(8,913)
(9,459)
Commodities
13.892
5.461
Total building - Club House and Pro Shop
87.378
107,983
Maintenance of course and grounds:
Personal services
224,342
213,046
Contractual services
138,972
63,966
Commodities
77.107
109.887
Total maintenance of course and grounds
440,421
386.899
Range and grill:
Personal services
148,732
136,848
Contractual services
15,745
18,152
Commodities
39.461
36.040
Total range and grill
203.938
191.040
Golf dome:
Personal services 65,774 55,039
Contractual services 51,730 48,633
Commodities 18.751 5.117
Total golf dome 136.255 108.789
Depreciation 344,508 180.479
Total operating expenses $ 1.626.862 1.327.941
-82-
CITY OF EDINA, MINNESOTA
Arena Fund
Balance Sheet
December 31, 1991
(with comparative amounts for December
31, 1990)
Assets
1991
1990
Current assets:
Petty cash and change funds
$ 700
700
Accounts receivable
60.569
57.461
Total current assets
61,269
58,161
Property and equipment, less accumulated depreciation
1,917,345
2,022,323
Discount on bonds
19.961
21.135
Total assets
$ 1.995
2- 101.619
Liabilities and Retained Earnings
Current liabilities:
Cash deficit
856,103
816,539
Accounts payable
16.932
19.289
Total current liabilities
873,035
835,828
Long —term liabilities:
Deposits payable
3,500
3,500
Bonds payable
1.875.750
1.895.000
Total liabilities
2,752,285
2,734,328
Retained earnings (deficit):
Unreserved — undesignated
1753.710)
(632'709)
Total liabilities and retained earnings
$ 1.99®
2' 10®
5:101
CITY OF EDINA, MINNESOTA
Arena Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1991
(with comparative amounts for year ended December 31, 1990)
Operating revenues:
Rental fees
Season ticket sales
Daily skating fees
Admissions
Lessons
Concessions (less cost of goods sold)
Vending machine commissions
Services - skate sharpening
Other
Total operating revenues
Operating expenses:
Personal services
Contractual services
Commodities
Central services
Depreciation
Total operating expenses
Operating income (loss)
Nonoperating expenses:
Interest and fiscal charges
Amortization of bond discount
Total nonoperating expenses
Loss before operating transfer in
Operating transfer in - Revolving Fund
Net loss
Retained earnings (deficit) - January 1
Retained earnings (deficit) - December 31
—84—
1991 129
$ 450,979
454,990
12,568
13,999
16,127
20,165
26,156
25,385
65,861
64,907
32,116
19,799
11,616
12,060
11,285
9,875
-
274
626.708
621,454
241,514
230,746
201,850
232,654
31,615
30,258
41,376
40,200
104.979
128.865
621,334
662.723
5.374 (41,26
(135,201) (135,201)
(1.174) (1,470�
(136.375) (136.671)
(131,001) (177,940)
10,000 80.000
(121,001) (97,940)
(632.7091 (534,769 )
$ (753.710) (�
CITY OF EDINA, MINNESOTA
Arena Fund
Statement of Cash Flows
Year ended December 31, 1991
(with comparative amounts for year ended December 31, 1990)
Cash flows from operating activities:
Operating income (loss)
Adjustments to reconcile operating income (loss) to
net cash provided by operating activities:
Depreciation expense
Depreciation reclassification
Changes in assets and liabilities:
(Increase) decrease in accounts receivable
Increase (decrease) in accounts payable
Total adjustments
Net cash provided by operating activities
Cash flows from noncapital financing activities:
Acquisition of capital assets
Operating transfer from Revolving Fund
Net cash provided by noncapital
financing activities
Cash flows from capital financing activities:
Principal paid on revenue bonds
Interest paid on revenue bonds
Net cash used by capital
financing activities
Net decrease in -cash and cash equivalents
Cash deficit, beginning of year
Cash deficit, end of year
—85—
1991 1990
$ 5.374 4( 1.269)
104,979 119,552
— 9,313
(3,109)
(2.357)
257
12.424
99.513
141.546
104,887
100.277
— (50,239)
10.000 _80,000
10.000 29.761
(19,250) —
(135,201 1 2 1
(154,451 (135.201)
(39,564) (5,163)
(816.539) (811.376)
CITY OF EDINA, MINNESOTA
Gun Range Fund
Balance Sheet
December 31, 1991
(with comparative amounts for December 31, 1990)
Assets
Current assets:
Cash and cash equivalents
Accounts receivable
Property and equipment, less accumulated depreciation
Total assets
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
Retained earnings:
Unreserved — undesignated
Total liabilities and retained earnings
-86-
1991 1990
$ 2,296 1,401
700 —
28.300 35.456
$ 31.1% 36.857
1,011 . 1,081
30.285 35.776
$ 36.857
CITY OF EDINA, MINNESOTA
Gun Range Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1991
(with comparative amounts for year ended December 31, 1990)
1991 1222
Operating revenues:
Range fees $ 28,544 17,417
Sale of ammunition 5,331 5,655
Concessions (less cost of goods sold) 494 343
Other 2.849 5.201
Total operating revenues 37.218 28.616
Operating expenses:
Personal services
17,407
17,127
Contractual services
8,398
6,397
Commodities
8,488
8,777
Central services
1,260
1,200
Depreciation
7.156
(2.135)
Total operating expenses
42.709
31.366
Net loss
(5,491)
(2,750)
Retained earnings — January 1
35.776
38.526
Retained earnings — December 31
$
—87—
CITY OF EDINA, MINNESOTA
Gun Range Fund
Statement of Cash Flows
Year ended December 31, 1991
(with comparative amounts for year ended December 31, 1990)
1991 1990
Cash flows from operating activities:
Operating loss
$ (5.491)
(2.750)
Adjustments to reconcile operating loss to
net cash provided (used) by operating activities:
Depreciation expense
7,156
2,080
Depreciation reclassification
—
(4,215)
Changes in assets and liabilities:
Increase in accounts receivable
(700)
—
Increase (decrease) in accounts payable
(70)
948
Total adjustments
§,$¢
1( .187)
Net cash provided (used) by operating activities
895
(3.937)
Cash flows from noncapital financing activities:
Acquisition of capital assets
—
(2.675)
Net increase (decrease) in cash and cash equivalents
895
(6,612)
Cash and cash equivalents, beginning of year
1.401
8.013
Cash and cash equivalents, end of year
$ 2.296
1.401
—88—
CITY OF EDINA, MINNESOTA
Art Center Fund
Balance Sheet
December 31, 1991
(with comparative amounts for December 31, 1990)
Assets
1991
1990
Current assets:
Petty cash and change funds
$ 100
250
Investments
62,054
51,063
Inventory
10,764
12,805
Accounts receivable
—
(150)
Due from other funds
5.757
5.757
Total current assets
78,675
69,725
Property and equipment, less accumulated depreciation
331.388
356.904
Total assets
$ 41
4229
Liabilities and Retained Earnings
Current liabilities:
Cash deficit
128,945
93,019
Accounts payable
7.382
12.334
Total current liabilities
136,327
105,353
Long —term liabilities:
Reserve for construction
750
750
Due to other funds
40.000
50.000
Total liabilities
177,077
156,103
Retained earnings:
Unreserved — undesignated
232.986
270.526
Total liabilities and retained earnings
—89—
CITY OF EDINA, MINNESOTA
Art Center Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1991
(with comparative amounts for year ended December 31, 1990)
1991 1990
Operating revenues:
Memberships
$ 14,222
11,915
Registration fees
166,192
154,699
Retail sales, less cost of goods sold
15,248
12.908
Total operating revenues
195.662
179.522
Operating expenses:
Administration:
Personal services
84,099
77,088
Contractual services
1,603
1,941
Commodities
25,429
12,019
Central services
16,210
15.058
Total administration
127,341
106.106
Occupancy:
Personal services
13,012
12,738
Contractual services
15,688
17,811
Commodities
2,957
2,915
Total occupancy
31.657
33,464
Class costs
505
371
Instructors - personal services
80,224
83,046
Depreciation
29.222
25.873
Total operating expenses
268,949
248,860
Operating loss
(73,287
(69,338
Nonoperating revenues:
Income on investments
3,002
2,033
Donations
19,008
28,700
Subsidy from general fund
-
5,757
Miscellaneous
3,737
2.200
Total nonoperating revenues
25,747
38.690
Net loss before operating transfer in
(47,540)
(30,648)
Operating transfer in - Revolving Fund
10.000
100.000
Net income (loss)
(37,540)
69,352
Retained earnings - January 1
270.526
201.174
Retained earnings - December 31
$ 232.986
270.526
-90-
CITY OF EDINA, MINNESOTA
Art Center Fund
Statement of Cash Flows
Year ended December 31, 1991
(with comparative amounts for year ended December 31, 1990)
1991 1990
Cash flows from operating activities:
Operating loss
$ (73.287)
(69.338)
Adjustments to reconcile operating loss to net
cash used by operating activities:
Depreciation expense
29,222
24,114
Depreciation reclassification
—
1,759
Changes in assets and liabilities:
(Increase) decrease in accounts receivable
(150)
28,369
Increase in due from other funds
—
(5,757)
(Increase) decrease in inventory
2,041
(4,697)
Increase (decrease) in accounts payable
(4,952)
8,600
Decrease in petty cash
150
—
Total adjustments
26.311
52.388
Net cash used by operating activities
4( 6.976)
(16.950)
Cash flows from noncapital financing activities:
Acquisition of capital assets (3,706) (200,890)
Donations 19,008 28,700
Operating transfer from General Fund 10,000 105,757
Miscellaneous 3.737 2.200
Net cash provided (used) by noncapital
financing activities 29.039 6� 4.233)
Cash flow from capital financing activities:
Receipt (payment) from (to) other funds (10.000) 50.000
Net cash provided (used) by capital
financing activities 00.000) 50.000
Cash flows from investing activities:
Increase in investments (10,991) (51,063)
Interest on investments 3.002 2.033
Net cash used in investing activities (7.989) (49.030)
Net decrease in cash and cash equivalents (35,926) (80,213)
Cash deficit, beginning of year (93.019) (12.806)
Cash deficit, end of year $ (128.9451 (9
—91—
CITY OF EDINA, MINNESOTA
Edinborough Park Fund
Balance Sheet
December 31, 1991
(with comparative amounts for December 31, 1990)
Assets
Current assets:
Petty cash and change funds
Accounts receivable
Interest receivable
Due from other funds
Total current assets
Property and equipment, less accumulated depreciation
Total assets
Liabilities and Fund Equity
Current liabilities:
Cash deficit
Accounts payable
Total current liabilities
Fund equity (deficit):.
Contributed capital
Retained earnings (deficit):
Unreserved — undesignated
Total fund equity (deficit)
Total liabilities and fund equity
-92-
1991 1990
$ 1,500
700
2,461
9,744
19,736
151,027
374.782
398,479
161,471
644,919 255,573
740,853 456,880
46.861 23.383
787.714 480.263
578,311 224,442
5322.627) (287.661)
255.684 (
$ 1-04 417.044
CITY OF EDINA, MINNESOTA
Edinborough Park Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 1991
(with comparative amounts for period ended December 31, 1990)
Operating revenues:
Association fees
Rental fees
Admissions
Season ticket sales
Commissions
Concessions (less cost of goods sold)
Swim program
Program income
Other
Total operating revenues
Operating expenses:
Personal services
Contractual services
Commodities
Central services
Depreciation
Total operating expenses
Operating loss
Nonoperating revenues — income on investments
Net loss
Add depreciation on contributed assets
Decrease in retained earnings
Retained earnings (deficit) — January 1
Retained earnings (deficit) — December 31
—93—
1991 1990
$ 217,972
165,144
115,984
89,462
69,133
63,384
10,159
8,375
—
1,141
1,430
-
-
7,787
8,472
11,800
21.757
15.238
444,907
362.331
444,736
326,436
316,617
278,297
256,797
144,101
66,000
63,600
56.997
26.784
1,141.147
839,218
(696,240) (476,887)
643.640 387.607
(52,600) (89,280)
17.634 24.712
(34,966) (64,568)
(287.661) 2( 23.093)
$ (322.6271 (Zg7.6611
CITY OF EDINA, MINNESOTA
Edinborough Park Fund
Statement of Cash Flows
Year ended December 31, 1991
(with comparative amounts for December 31, 1990)
1991 1990
Cash flows from operating activities:
Operating loss
$ (696,240)
(476,887)
Adjustments to reconcile operating loss to net
cash used by operating activities:
Depreciation expense
56,997
26,784
Changes in assets and liabilities:
(Increase) decrease in accounts receivable
7,283
(8,406)
Increase in accounts payable
23,478
13,656
Increase in due from other funds
(374,782)
—
Increase in petty cash
(800)
—
Total adjustments
(287.824)
32.034
Net cash used by operating
activities
(984.064)
44( 4.853)
Cash flows from noncapital financing activities:
Acquisition of capital assets (446,343) (21,091)
Contributed assets 371.503
Net cash used by noncapital financing
activities (74.840) 2( 1.091)
Cash flows from investing activities:
Decrease in interest receivable 131,291 17,418
Interest on investments 643,640 387.607
Net cash provided by investing activities 774.931. 405.025
Net decrease in cash and cash equivalents (283,973) (60,919)
Cash deficit, beginning of year (456.880) (395.961)
Cash deficit, end of year $ (740®_853) (456.880)
—94—
AGENCY FUND
Agency Funds account for assets held by a governmental unit in a trustee capacity or as
an agent for individuals, private organizations, other governmental units and other
funds. The City has the following Agency Funds:
Deferred Compensation Fund - Accounts for assets retained by the City pursuant to
agreements with individual employees that provide for specific salary amounts to be
paid at a later date. These assets are in the custody of a third party for investment
purposes.
Federal Arbitrage Fund - Accounts for arbitrage earnings which will be remitted to
the federal government.
Police Seizure Fund - Accounts for funds obtained by the police department which
will be remitted to the proper governments.
-95-
CITY OF EDINA, MINNESOTA
Agency Fund
Statement of Changes in Assets and Liabilities
Year ended December 31, 1991
Balance Balance
1 -1 -91 Additions Deductions 12 -31 -91
Deferred Compensation
Assets
Cash with plan
administrators $ 3,735,555 887.960 154._ 4,469-793
Liabilities
Due to participants $ 3.735.5 887.960 . 15� 4.46e
Federal Arbitrage
Assets
Investments 126,180 10,500 - 136,680
Interest receivable 4.059 - 1.305 2.754
$ 13� .14. 4 e.1.= 4
Liabilities
Due to federal government
$
s
10,500
1.30
4
Police Seizure
Assets
Cash
Liabilities
$
99.074
-
LI
Due to other governments
Totals - All Agency Funds
$.�
Assets
Cash
99,074
-
14,245
84,829
Cash with plan
administrators
3,735,555
887,960
154,722
4,468,793
Investments
126,180
10,500
-
136,680
Interest receivable
4.059
-
1.305
2.754
Total assets
$
1964"868
898.460
170.272
4.69
Liabilities
Due to participants
3,735,555
887,960
154,722
4,468,793
Due to federal government
130,239
10,500
1,305
139,434
Due to other governments
99.074
-
14.245
84.829
Total liabilities
$
3.964.868
898.460
170.272
4.693.056
-96-
GENERAL FIXED ASSETS ACCOUNT GROUP
The General Fixed Assets Account Group provides for the accounting of fixed assets
other than those accounted for in the enterprise funds.
—97—
CITY OF EDINA, MINNESOTA
General Fixed Assets Account Group
Schedule of General Fixed Assets
December 31, 1991
(with comparative amounts for December 31, 1990)
General fixed assets:
Land and land improvements
Buildings
Furniture and fixtures
Vehicles and equipment
Construction -in- progress
Edina HRA land and public improvements
Total general fixed assets
Total investment in general fixed assets
-98-
1991 1990
$ 33,076,034
9,844,906
19,381,041
2,077,636
762,881
747,904
7,682,930
6,980,950
753,778
-
38.450.741
$ 61.6®
58.102.137
$ 61.656.664
58.102.137
GENERAL LONG -TERM DEBT ACCOUNT GROUP
The General Long -term Debt Account Group i
of the City other than debt recorded in th e
general obligation and other forms of long -ter m
special assessments, and are obligations of a
individual constituent funds.
WE
s used to account for the long -term debt
Enterprise Funds. Primarily, these are
debt supported by general revenues and
governmental unit as a whole and not its
CITY OF EDINA, MINNESOTA
General Long -term Debt Account Group
Schedule of General Long -term Debt
December 31, 1991
(with comparative amounts for December 31, 1990)
1991 1990
Amount available and to be provided for
the retirement of long -term debt
General Obligation Bonds:
Amount available in Debt Service Funds $ 200,000 200,000
Amount to be provided by tax increment
financing 51,585,000 52,515,000
Amount to be provided by special assessments 3,610,000 4,160,000
Compensated absences:
Amount to be provided by revenue sources 679.965 639.712
Total available and to be provided $ 56.074.965 57.514.712
General long -term debt payable
Accrued compensated absences 679,965 639,712
General obligation bonds payable 55.395.000 56.875.000
Total general long -term debt payable $ 56.0®.965 ILIUM
-100-
CITY OF EDINA, MINNESOTA
Combined Schedule of Bonded Indebtedness
December 31, 1991
Final 1991 percent
Improvement Bonds:
Improvement Bonds
of 1984 7.00 -8.75 09/01/84 01/01/94 None
Improvement Bonds
of 1986 4.50 -6.60 08/01/86 08/01/96 None
Improvement Bonds
of 1989 6.75 -7.10 04/01/89 02/01/01 None
Revenue Bonds:
Golf Course Bonds
Interest
Issue
maturity
paid by tax
Recreation Bonds of 1988
rate
date
date
levies
Bonded indebtedness:
5.90 -6.80
10/01/88
02/01/99
None
Tax Increment Bonds:
6.75 -7.30
04/01/89
01/01/09
None
Redevelopment Bonds
5.30 -6.50%
12/01/75
12/01/93
None
Tax Increment Bonds,
Series 1981
9.50 -11.00
10/01/81
10/01/93
None
Tax Increment Bonds,
Series 1986A
5.20 -7.00
08/01/86
08/01/06
None
Tax Increment Bonds,
Series 1986B
5.20 -7.00
08/01/86
08/01/03
None
Tax Increment Bonds,
Series 1988
6.40 -7.30
10/01/88
02/01/09
None
Tax Increment Taxable
Bonds, Series 1988
9.20 -9.75
10/01/88
02/01/09
None
Tax Increment Bonds,
Series 1989
6.80 -7.30
04/01/89
02/01/09
None
Tax Increment Taxable
Bonds, Series 1989
10.00 -10.25
04/01/89
02/01/09
None
Tax Increment Refunding
Bonds, Series 1989
6.00 -7.00
11/01/89
01/01/06
None
Tax Increment Bonds,
Series 1990
6.70 -6.80
03/01/90
02/01/05
None
Improvement Bonds:
Improvement Bonds
of 1984 7.00 -8.75 09/01/84 01/01/94 None
Improvement Bonds
of 1986 4.50 -6.60 08/01/86 08/01/96 None
Improvement Bonds
of 1989 6.75 -7.10 04/01/89 02/01/01 None
Revenue Bonds:
Golf Course Bonds
6.25 -8.70
09/01/85
01 /01 /00
None
Recreation Bonds of 1988
6.10 -7.30
10/01/88
01/01/09
None
Utility Bonds
5.90 -6.80
10/01/88
02/01/99
None
Recreation Bonds of 1989
6.75 -7.30
04/01/89
01/01/09
None
Total bonded
indebtedness
-101-
Exhibit 1
Indebtedness
Authorized Due in 1992
and issued Redeemed Outstanding Principal Interest
$ 2,200,000
1,700,000
500,000
250,000
32,500
4,500,000
3,600,000
900,000
450,000
98,100
4,000,000
150,000
3,850,000
100,000
263,450
2,000,000
200,000
1,800,000
100,000
120,225
10,175,000
-
10,175,000
-
727,012
5,100,000
-
5,100,000
-
488,175
8,425,000
-
8,425,000
-
607,838
5,300,000
-
5,300,000
-
538,562
12,970,000
315,000
12,655,000
- **
423,479*
3.080.000
3.080.000
12.775.000
207.195
57.750.000
5.965.000
51.785.000
900.000
3.506.536
5,400,000
4,800,000
600,000
- **
26,025*
2,500,000
1,250,000
1,250,000
250,000
77,500
1.760.000
-
1.760.000
180.000
115.330
9.660.000
6.050.000
3.610.000
430.000
218.855
1,200,000
250,000
950,000
- **
39,150*
2,470,000
25,000
2,445,000
- **
87,350*
3,160,000
420,000
2,740,000
275,000
169,380
2.100.000
65.000
2.035.000
- **
72.564*
8.930.000
760.000
8.170.000
275.000
368,444
$ 76.3
12.775.000
63.565.000
1.605.000
4.093.835
*This represents interest due July 1, 1992 as interest due January 1,
1992 was paid in December 1990.
* *Principal due January 1, 1992 was paid in December 1990.
-102-
Exhibit 2
CITY OF EDINA, MINNESOTA
Schedule of Changes in Bonded Indebtedness
Year ended December 31, 1991
Balance
Balance
January I
Issued Redeemed December 31
Tax Increment Bonds $ 52,715,000
— 930,000 51,785,000
Improvement Bonds 4,160,000
— 550,000 3,610,000
Revenue Bonds 8.560.000
— 390.000 8.170.000
$ 65.435.000
— 1.870.000 63.565.000
—103—
Tax Increment Bonds:
$2,200,000 Redevelopment
Bonds
$250,000 per year
$4,500,000 Tax Increment
Bonds, Series 1981
$450,000 per year
$4,000,000 Tax Increment
Bonds, Series 1986A
$100,000 per year
$150,000 per year
$200,000 per year
$250,000 per year
$550,000
$600,000 per year
$2,000,000 Tax Increment
Bonds, Series 1986B
$100,000 per year
$150,000 per year
$200,000 per year
Exhibit
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable
December 31, 1991
Issue Interest Maturity Principal
date rate date amount
12/01/75
6.50% 12/01/92 -93 $ 500.000
10/01/81
10.80 -11.00 10/01/92 -93 900.000
08/01/86
08/01/86
-104-
5.80 -6.20
08/01/92 -94
300,000
6.40 -6.70
08/01/95 -97
450,000
6.75 -6.90
08/01/98 -00
600,000
7.00
08/01/01 -03
750,000
7.00
08/01/04
550,000
7.00
08/01/05-06
1.200.000
W II
5.80 -6.20 08/01/92 -94 300,000
6.40 -6.90 08/01/95 -00 900,000
7.00 08/01/01 -03 600.000
1.800.000
(Continued)
Exhibit 3. Cont.
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
(Continued)
-105-
Issue
Interest
Maturity
Principal
date
rate
date
amount
$10,175,000 Tax Increment
Bonds, Series 1988
10/01/88
$250,000
6.40%
02/01/95 $
250,000
$75,000
6.50
02/01/96
75,000
$175,000
6.60
02/01/97
175,000
$250,000
6.70
02/01/98
250,000
$325,000
6.80
02/01/99
325,000
$425,000
6.90
02/01/00
425,000
$475,000
7.00
02/01/01
475,000
$525,000
7.05
525,000
$625,000
7.10
.02/01/02
03/01/03
625,000
$700,000
7.15
02/01/04
700,000
$750,000
7.20
02/01/05
750,000
$825,000
7.25
02/01/06
825,000
$1,325,000
7.25
02/01/07
1,325,000
$1,650,000
7.30
02/01/08
1,650,000
$1,800,000
7.30
02/01/09
1.800.000
10.175.000
$5,100,000 Taxable Tax
Increment Bonds,
Series 1988
10/01/88
$125,000
9.20
02/01/95
125,000
$50,000
9.25
02/01/96
50,000
$100,000
9.30
02/01/97
100,000
$125,000
9.35
02/01/98
125,000
$150,000
9.35
02/01/99
150,000
$225,000 per year
9.40
02/01/00-01
450,000
$250,000
9.45
02/01/02
250,000
$300,000
9.45
02/01/03
300,000
$350,000
9.50
02/01/04
350,000
$375,000
9.55
02/01/05
375,000
$450,000
9.60
02/01/06
450,000
$650,000
9.65
02/01/07
650,000
$825,000
9.70
02/01/08
825,000
$900,000
9.75
02/01/09
900.000
5.100.000
(Continued)
-105-
Exhibit 3. Cont.
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
"1111X111117
(Continued)
-106-
Issue
Interest
Maturity
Principal
date
rate
date
amount
$8,425,000 Tax Increment
Bonds, Series 1989
04/01/89
$225,000
6.80%
02/01/95 $
225,000
$75,000
6.90
02/01/96
75,000
$125,000
6.90
02/01/97
125,000
$200,000
6.95
02/01/98
200,000
$275,000
7.00
02/01/99
275,000
$350,000
7.05
02/01/00
350,000
$375,000
7.10
02/01/01
375,000
$450,000
7.15
02/01/02
450,000
$500,000
7.20
02/01/03
500,000
$575,000
7.25
02/01/04
575,000
$600,000
7.25
02/01/05
600,000
$700,000
7.25
02/01/06
700,000
$1,000,000
7.30
02/01/07
1,100,000
$1,375,000
7.30
02/01/08
1,375,000
$1,500,000
7.30
02/01/09
1.500.000
8.425.000
$5,300,000 Taxable Tax
Increment Bonds,
Series 1989
04/01/89
$125,000
10.00
02/01/95
125,000
$50,000
10.00
02/01/96
50,000.
$75,000
10.00
02/01/97
75,000
$125,000
10.00
02/01/98
125,000
$175,000
10.00
02/01/99
175,000
$225,000
10.00
02/01/00
225,000
$250,000
10.00
02/01/01
250,000
$275,000
10.00
02/01/02
275,000
$325,000
10.00
02/01/03
325,000
$375,000 per year
10.10 -10.20
02/01/04 -05
750,000
$400,000
10.20
02/01/06
400,000
$700,000
10.25
02/01/07
700,000
$875,000
10.25
02/01/08
875,000
$950,000
10.25
02/01/09
950.000
"1111X111117
(Continued)
-106-
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
$12,970,000 Tax Increment
Refunding Bond, Series
Series 1989
$160,000
$170,000
$555,000
$1,060,000
$1,055,000
$1,045,000
$1,035,000
$1,025,000
$1,115,000
$1,100,000
$1,085,000
$1,070,000
$1,100,000
$1,080,000
$3,080,000 Tax Increment
Bonds, Series 1990
$700,000
$745,000
$800,000
$835,000
Total tax increment
bonds
Improvement Bonds:
$5,400,000 Improvement
Bonds, Series 1984
$300,000 per year
$2,500,000 Improvement
Bonds, Series 1986
$250,000 per year
Issue
Interest
Maturity
date
rate
date
11/01/89
6.15%
01/01/93
6.20
01/01/94
6.30
01/01/95
6.40
01/01/96
6.45
01/01/97
6.50
01/01/98
6.60
01/01/99
6.70
01/01/00
6.75
01 /01 /01
6.80
01/01/02
6.85
01/01/03
6.90
01/01/04
7.00
01/01/05
7.00
01/01/06
03/01/90
6.70
02/01/02
6.70
02/01/03
6.70
02/01/04
6.80
02/01/05
09/01/84
8.60 -8.75
01/01/93-94
08/01/86
5.80 -6.60
08/01/92 -96
—107—
Exhibit 3. Cont.
Principal
amount
160,000
170,000
555,000
1,060,000
1,055,000
1,045,000
1,035,000
1,025,000
1,115,000
1,100,000
1,085,000
1,070,000
1,100,000
1.080.000
12.655.000
700,000
745,000
800,000
835.000
3.080.000
51.785.000
1.250.000
(Continued)
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
$1,760,000 Improvement
Bonds, Series 1989
$180,000 per year
$175,000 per year
$170,000
Total improvement
bonds
Revenue Bonds:
$1,200,000 Golf
Course Bonds
$100,000 per year
$150,000 per year
$2,470,000 Recreational
Facility Bonds
$25,000 per year
$175,000
$200,000 per year
$225,000
$250,000
$270,000
$275,000
$325,000 per year
$3,160,000 Utility
Bonds
$275,000
$300,000 per year
$320,000
$350,000
$375,000
$395,000
$425,000
Issue
date
04/01/89
09/01/85
10/01/88
10/01/88
-108-
Interest
rate
6.75- 6.80%
6.80 -7.05
7.10
7.60 -8.25
8.40 -8.70
6.20 -6.90
7.00
7.05 -7.10
7.15
7.20
7.25
7.25
7.30
6.10
6.20 -6.30
6.40
6.50
6.60
6.70
6.80
Exhibit 3. Cont.
Maturity
date
02/01/92 -94 $
02/01/95 -00
02/01/01
01/01/93 -97
01/01/98 -00
01/01/93 -00
O1 /01 /01
01/01/02 -03
01/01/04
01/01/05
01/01/06
01/01/07
01/01/08 -09
02/01/92
03/01/93 -94
02/01/95
02/01/96
02/01/97
02/01/98
02/09/99
Principal
amount
540,000
1,050,000
170.000
1.760.000
500,000
450.000
950.000
200,000
175,000
400,000
225,000
250,000
270,000
275,000
650.000
2.445.000
275,000
600,000
320,000
350,000
375,000
395,000
425.000
2.740.000
(Continued)
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
$2,100,000 Recreational
Facility Bonds, Series 1989
$70,000 per year
$75,000
$80,000
$85,000
$95,000
$100,000
$105,000
$115,000
$120,000
$130,000
$140,000
$145,000
$160,000
$170,000
$180,000
$195,000
Total revenue bonds
Total bonds payable
Issue
date
04/01/89
-109-
Interest
rate
6.75 -6.80%
6.80
6.90
6.90
6.95
7.00
7.05
7.10
7.15
7.20
7.25
7.25
7.25
7.30
7.30
7.30
Exhibit 3. Cont.
Maturity
date
01/01/93 -94 $
01/01/95
01/01/96
01/01/97
01/01/98
01/01/99
O1 /01 /00
O1 /01 /01
01/01/02
01/01/03
01/01/04
01/01/05
01/01/06
01/01/07
01/01/08
01/01/09
Principal
amount
140,000
75,000
80,000
85,000
95,000
100,000
105,000
115,000
120,000
130,000
140,000
145,000
160,000
170,000
180,000
195.000
2.035.000
8.170.000
55�
Exhibit 4
CITY OF EDINA, MINNESOTA
Schedule of Debt Service Requirements
December 31, 1991
Year
Tax Increment
Bonds
Improvement
Bonds
Revenue
Bonds
ended
Principal
Interest
Principal
Interest
Principal
Interest
1992
$ 900,000
3,506,536
430,000
218,855
275,000
368,444
1993
1,060,000
3,848,644
730,000
205,335
495,000
542,733
1994
370,000
3,760,705
730,000
152,115
495,000
509,980
1995
1,580,000
3,697,902
425,000
111,420
520,000
475,873
1996
1,610,000
3,589,811
425,000
83,432
555,000
439,284
1997
1,830,000
3,473,744
175,000
54,857
585,000
400,030
1998
2,095,000
3,339,752
175,000
42,739
665,000
356,102
1999
2,310,000
3,184,153
175,000
30,533
700,000
307,180
2000
2,600,000
3,006,596
175,000
18,239
280,000
270,841
2001
2,890,000
2,808,641
170,000
6,035
290,000
249,545
2002
3,750,000
2,565,491
-
-
320,000
227,998
2003
4,030,000
2,280,092
-
-
330,000
204,877
2004
4,420,000
1,970,553
-
-
365,000
179,979
2005
4,635,000
1,634,235
-
-
395,000
152,604
2006
4,055,000
1,304,482
-
-
430,000
122,760
2007
3,775,000
971,981
-
-
445,000
90,999
2008
4,725,000
621,295
-
-
505,000
56,392
2009
5.150.000
213.013
-
-
520.000
18.980
$ 51.785.000
45. 777. 626
3. 610 .000
923.560
8.170.000
4.974.601
-110-
CITY OF EDINA, MINNESOTA
Assessed Valuation, Tax Levies and Mill Rates
(shown by year of tax collectibility)
Note:
(a) In 1989, assessed valuation was replaced by tax capacity.
—111—
1988
1989
1990
Assessed valuation/tax capacity
$ 775,009,761
101,668,819 (a)
90,662,309
Increment valuation
(23,366,739)
(3,968,472)
(3,891,583)
Contribution to fiscal disparities pool
(64,666,035)
(9,224,484)
(9,436,024)
Received from fiscal disparities pool
18.583.073
2.499.218
2.470.873
Taxable valuation
$ 705.560.060
90.975.081
79 805.575
Tax levies:
General Fund
$ 8.569.143
8.996.527
9 -9
Mill rates:
General Fund
12.151
9.887
Note:
(a) In 1989, assessed valuation was replaced by tax capacity.
—111—
Exhibit 5
1991 1992
91,730,888 88,124,109
(4,288,608) (5,684,605)
(9,709,309) (9,546,954)
2.704,760 2.657.724
-112-
Exhibit
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for 50th & France - No. 1200,
a Tax Increment Financing District
December 31, 1991
*Real estate sales:
Liquor store site $ 128,064 105,002
Union oil site 134,506 65.780
$ 262.570 170.782
(Continued)
-113-
Accounted
Original
Amended
for in
Current
Amount
budget
budget
prior years
year
remaining
Sources of funds:
Bond proceeds $
2,200,000
5,280,000
5,251,998
-
28,002
Tax increments
received
-
18,817,930
5,143,077
1,010,760
12,664,093
Real estate sales*
800,000
170,782
170,782
-
-
State aid
-
418,870
418,870
-
-
Special assessments
-
1,321,096
709,507
-
611,589
Parking permits
-
38,208
105,511
7,814
(75,117)
Community develop-
ment
-
214,828
186,064
-
28,764
Other
-
-
69.217
-
(69.217)
Total sources of
funds
3,000,000
26.261.714
12.055.026
1.018.574
13.188.114
Uses of funds:
Land acquisition
-
647,551
647,539
-
12
Transfers to southeast
increment districts
-
9,000,000
-
-
9,000,000
Installation of public
utilities and
improvements
3,000,000
6,257,748
4,535,448
120,777
1,601,523
Bond payments:
Principal
-
5,280,000
1,500,000
200,000
3,580,000
Interest
-
4,738,329
1,971,420
316,176
2,450,733
Administrative costs
-
69,260
211,365
-
(142,105)
Work orders
-
16,825
16,257
-
568
Contingencies
-
12,300
11,644
-
656
Interest
-
9,400
9,197
-
203
Miscellaneous
-
7.100
13.132
-
(6.032)
Total uses of funds
3.000.000
26.038.513
8.916.002
636.953
16.485.558
Funds remaining (or
deficient) $
2
3 -139 p24
381.621
(3,292-
Cost to authority Pricg.paid
by developer
*Real estate sales:
Liquor store site $ 128,064 105,002
Union oil site 134,506 65.780
$ 262.570 170.782
(Continued)
-113-
Exhibit
-114-
CITY OF EDINA, MINNESOTA
-
Schedule of Sources and Uses of Public Funds
for
Southeast Edina Redevelopment District - No. 1201,
a Tax Increment Financing District
December 31, 1991
Accounted
Original
Amended for in
Current
Amount
budget
budget prior years
year
remaining_
Sources of funds:
Bond proceeds
$ 6,165,177
21,470,000 21,470,000
-
-
Tax increments
received
-
85,000,000 11,261,390
2,229,817
71,508,793
Interest on invested
funds
-
- 1,930,542
-
(1,930,542)
Real estate sales*
598,005
1,750,000 1,333,274
-
416,726
Community Develop -
ment Block Grant
-
- 189,221
-
(189,221)
Other
-
- 107.326
-
(107.326)
Total sources of
funds
7. 66 3.182
108.220.000 36.291.753
2,229,817
69.698.430
Uses of funds:
Land acquisition
6,682,998
15,278,569 10,479,127
-
4,799,442
Site improvements or
preparation costs
-
21,894,254 15,397,695
-
6,496,559
Installation of public
utilities and
improvements
2,885,484
2,392,303 449,792
9,518
1,932,993
Bond payments:
Principal
-
21,470,000 3,435,000
630,000
17,405,000
Interest
-
17,000,000 11,175,376
338,826
5,485,798
Administrative costs
194,700
2,466,200 1,965,206
-
500,994
Parkland dedication
fees
-
- 767.852
-
(767.852)
Total uses of
funds
6.763.182
80.501.326 43.670.048
978.344
35.852.934
Funds remaining (or
deficient)
$
22 -21, 18 -624 (7-37®8 -295)
1-251.473
Cost to authority Price
paid by developer
*Real estate sales:
Elderly site
$ 453,740
346,534
Office site
1,027,277
784
-114-
Exhibit
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for Grandview Area Redevelopment District — No. 1202,
a Tax Increment Financing District
December 31, 1991
Accounted
Original Amended for in Current Amount
budget budget VLnor years year remaining_
Sources of funds:
Bond proceeds $
4,500,000
4,500,000
2,000,000
—
2,500,000
Tax increments
received
—
10,531,072
1,315,782
599,469
8,615,821
Interest on
invested funds
—
—
68,513
—
(68,513)
Other
—
—
461.428
—
(461.428)
Total sources
of funds
4,500,000 0.000
15.031.072
3,845.723
599.469
10.585.880
Uses of funds:
Installation of
public utilities
and improvements
4,310,000
4,310,000
2,126,961
—
2,183,039
Bond payments:
Principal
—
2,000,000
100,000
100,000
1,800,000
Interest
—
1,539,950
552,116
125,828
862,006
Administrative
costs
190,000
190.000
154.441
3.170
32.389
Total uses
of funds
4.500.000
8.039.950
2.933.518
228.998
4.877.434
Funds remaining $
—115—
Exhibit
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for Southeast Edina Economic Development District - No. 1203,
a Tax Increment Financing District
December 31, 1991
Uses of funds:
Land acquisition
Site improvements or
preparation costs
Bond payments:
Principal
Interest
Administrative costs
Total uses of funds
Funds remaining (or
deficient)
*Real estate sales:
Retail and theatre site
Medical office site
Office site
13,900,000 15,137,870 - (1,237,870)
26,677,000 6,071,907 1,363,971 19,241,122
41,400,000 -
38,000,000 3,756,677
1.140.800 824.300
121.117.800 25.790.754
- 41,400,000
2,361,587 31,881,736
108.874 207.626
3.834.432 91.492.614
$ 5.282.200 9.4® (2.992.729) _(1.191.615)
Cost to authority Price paid by developer
$ 3,213,720 3,213,720
815,092 815,092
757.160 757.160
-116-
Accounted
for in
Current
Amount
Budget
prior years
year
remaining_
Sources of funds:
Bonds proceeds
$ 41,400,000
28,698,123
-
12,701,877
Tax increments received
80,000,000
199,182
449,147
79,351,671
Interest on invested funds
-
1,213,443
181,082
(1,394,525)
Real estate sales*
5,000,000
4,783,356
2,616
214,028
Other
-
363.194
208.858
(572.052)
Total sources of
funds
126.400.000
35.257.298
48 1.703
90.300.999
Uses of funds:
Land acquisition
Site improvements or
preparation costs
Bond payments:
Principal
Interest
Administrative costs
Total uses of funds
Funds remaining (or
deficient)
*Real estate sales:
Retail and theatre site
Medical office site
Office site
13,900,000 15,137,870 - (1,237,870)
26,677,000 6,071,907 1,363,971 19,241,122
41,400,000 -
38,000,000 3,756,677
1.140.800 824.300
121.117.800 25.790.754
- 41,400,000
2,361,587 31,881,736
108.874 207.626
3.834.432 91.492.614
$ 5.282.200 9.4® (2.992.729) _(1.191.615)
Cost to authority Price paid by developer
$ 3,213,720 3,213,720
815,092 815,092
757.160 757.160
-116-
k;;i6Peat Marwick
Certified Public Accountants
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report on
Schedule of Federal Financial Assistance
Honorable Members
of City Council
City of Edina, Minnesota:
Exhibit 10
We have audited the general purpose financial statements of the City of Edina,
Minnesota, as of and for the year ended December 31, 1991, and have issued our report
thereon dated April 24, ,1992. These general purpose financial statements are the
responsibility of the management of the City. Our responsibility is to express an opinion
on these general purpose 'financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and
Government Auditing Standards, issued by the Comptroller General of the United
States. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the general purpose financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the general purpose financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by the
City, as well as evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
Our audit was made for the purpose of forming an opinion on the general purpose
financial statements of the City of Edina, Minnesota taken as a whole. The
supplementary information included in the accompanying schedule of federal financial
assistance is presented for purposes of additional analysis and is not a required part of
the general purpose financial statements. Such supplementary information has been
subjected to the auditing procedures applied in the audit of the general purpose financial
statements and, in our opinion, is fairly stated in all material respects in relation to the
general purpose financial statements taken as a whole.
el-lvio� 461
April 24, 1992
—117 —
Member Firm of
EFIT]Klyrrveld Peat Marwick Goerdeler
Exhibit 11
CITY OF EDINA, MINNESOTA
Schedule of Federal Financial Assistance
Year ended December 31, 1991
Accrued/-
Accrued/
(deferred)
(deferred)
Federal
Program
revenue at
revenue at
Federal grantor /pass - through
CFDA
Pass - through or award
December'31,
Disbursements December 31,
grantor/�rogram title
number
grantor's number amount
1,990 -°- , Receipts
or expenditures 1991
U.S. Department of HUD:
Passed through Hennepin
County Community
Development Block Grant
14.218
B88UC270001 $ 556,968
54,174 118;=134
63,960 -
i
�U�Peat Marwick
Certified Public Accountants
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report on
Compliance with General Requirements
Honorable Members
of City Council
City of Edina, Minnesota:
Exhibit 12
We have audited the general purpose financial statements of the City of Edina,
Minnesota, as of and for the year ended December 31, 1991, and have issued our report
thereon dated April 24, 1992.
We have applied procedures to test the City of Edina, Minnesota's compliance with the
following requirements applicable to its federal financial assistance program, which is
identified in the schedule of federal financial assistance for the year ended
December 31, 1991: political activity, Davis/Bacon Act, civil rights, allowable
costs /cost principles, and Drug Free Workplace Act.
Our procedures were limited to the applicable procedures described in the Office of
Management and Budget's Compliance Supplement for Single Audits of State and Local
Governments. Our procedures were substantially less in scope than an audit, the
objective of which is the expression of an opinion on the City of Edina, Minnesota's
compliance with the requirements listed in the preceding paragraph. Accordingly, we do
not express such an opinion.
With respect to the items tested, the results of those procedures disclosed no material
instances of noncompliance with the requirements listed in the second paragraph of this
report. With respect to items not tested, nothing came to our attention that caused us
to believe that the City of Edina, Minnesota, had not complied, in all material respects,
with those requirements. However, the results of our procedures disclosed an
immaterial instance of noncompliance with those requirements, which is described in the
accompanying schedule of findings and questioned costs.
This report is intended for the information of management, City Council and federal and
state agencies. However, this report is a matter of public record and its distribution is
not limited.
April 24, 1992
Klynveld Peat Marwick Goerdeler-
-119-
Exhibit 12.-Cont.
CITY OF EDINA, MINNESOTA
Schedule of Finding and Questioned Cost
Year ended December 31, 1991
Finding Questioned Cost
The City of Edina does not have a drug —free
workplace policy as required by federal
laws and regulations —
Client respgnse
A drug —free workplace policy will be established in 1992.
—120=
s cc
Peat Marwick
Certified Public Accountants
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report on Compliance
at the General Purpose Financial Statement Level
Honorable Members
of City Council
City of Edina, Minnesota:
Exhibit 13
We have audited the general purpose financial statements of the City of Edina,
Minnesota, as of and for the year ended December 31, 1991, and have issued our report
thereon dated April 24, 1992.
We conducted our audit in accordance with generally accepted auditing standards and
Government Auditing Standards, issued by the Comptroller General of the United
States. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the general purpose financial statements are free of material
misstatement.
Compliance with laws, regulations, contracts and grants applicable to the City of Edina,
Minnesota is the responsibility of the City's management. As part of obtaining
reasonable assurance about whether the general purpose financial statements are free of
material misstatement, we performed tests of the City's compliance with certain
provisions of laws, regulations, contracts and grants. However, our objective was not to
provide an opinion on overall compliance with such provisions. Accordingly, we do not
express such an opinion.
The results of our tests indicate that, with respect to the items tested, the City of
Edina, Minnesota complied, in all material respects, with the provisions referred to in
the preceding paragraph. With respect to items not tested, nothing came to our
attention that caused us to believe that the City had not complied, in all material
respects, with those provisions.
This report is intended for the information of management, City Council and federal and
state agencies. This restriction is not intended to limit the distribution of this report,
which is a matter of public record.
April 24, 1992
SNE
011,11� Member Firm of
Klynveld Peat Marwick Goerdeler
k;;6iPeat Marwick
Certified Public Accountants
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Combined Report on the
Internal Control Structure at the Financial Statement and
Federal Financial Assistance Program Levels - No Major Programs
Honorable Members of City Council
City of Edina, Minnesota:
Exhibit 14
We have audited the general purpose financial statements of City of Edina, Minnesota as
of and for the year ended December 31, 1991, and have issued our report thereon dated
April 24, 1992.
We conducted our audit in accordance with generally accepted auditing standards;
Government Auditing Standards, issued by the Comptroller General of the United States;
and Office of Management and Budget (OMB) Circular A -128, Audits of State and Local
Governments. Those standards and OMB Circular A -128 require that we plan and
perform the audit to obtain reasonable assurance about whether the general purpose
financial statements are free of material misstatement and about whether the City of
Edina, Minnesota complied with certain laws and regulations.
In planning and performing our audit for the year ended December 31, 1991, we
considered the City's internal control structure in order to determine our auditing
procedures for the purpose of expressing our opinions on the City's general purpose
financial statements.
The management of City of Edina, Minnesota is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related costs
of internal control structure policies and procedures. The objectives of an internal
control structure are to provide management with reasonable, but not absolute,
assurance that assets are safeguarded against loss from unauthorized use or disposition,
that transactions are executed in accordance with management's authorization and
recorded properly to permit the preparation of general purpose financial statements in
accordance with generally accepted accounting principles, and that federal financial
assistance programs' are managed in compliance with applicable laws and regulations.
Because of inherent limitations in any. internal control , structure, errors, irregularities,
or instances of noncompliance may. nevertheless . occur and not be detected. Also
projection of any evaluation of the structure toifuture periods is subject to the risk that
procedures may become inadequate because of changes in conditions or that the
effectiveness of the design and:operation of policies and'procedures may deteriorate.
-122-
171FInKlyrrveld Member Firm of
Peat Marwick Goerdeler
Exhibit 14. Cont.
For the purpose of this report, we have classified the significant internal control
structure policies and procedures used in administering federal financial assistance
programs in the following categories:
• Accounting controls:
- Revenue and receipts, and
- Purchases and disbursements.
• Administrative controls:
- Political activity;
- Civil rights;
- Allowable costs /cost principles; and
- Drug -free Workplace Act.
For all of the internal control structure categories listed above, we obtained an
understanding of the design of relevant policies and procedures and determined whether
they, have been placed in operation,. and we assessed control risk.
During the year ended December 31, 1991, City of Edina, Minnesota had no major
federal financial assistance programs and expended 100 percent of its total federal
financial assistance. under the following nonmajor federal financial assistance program:
Community Development Block Grant.
We performed tests of . controls, as required by OMB Circular A -128, to evaluate the
effectiveness of the design and operation of internal control structure policies and
procedures that we considered relevant to preventing or detecting material
noncompliance with specific requirements, general requirements, and requirements
governing claims for advances and reimbursements, and amounts claimed or used for
matching that are applicable to the aforementioned nonmajor program. Our procedures
were less in scope than would be necessary to render an opinion on these internal control
structure policies and procedures. Accordingly, we do not express such an opinion.
Our consideration of the internal control structure would not necessarily disclose all
matters in the internal control structure that might be material weaknesses under
standards established by the, American Institute of Certified Public Accountants. A
material weakness is a reportable condition in which the design or operation of one or
more of the internal control structure elements does not reduce to a relatively low level
the risk that. errors or irregularities in amounts that would be material in relation to the
general purpose financial statements being audited or that noncompliance with laws and
regulations that would be material to a federal financial assistance program may occur
and not be detected within a timely period by employees in the normal course of
performing their assigned functions. We noted no matters involving the internal control
structure and its operation that we consider to be material weaknesses as defined above.
This report is intended for the inforination'of - management; City Council and federal and
state agencies. This restriction is iot intended to limit the distribution of this report,
which is a matter of public record.
April 24, 1992
-123-
STATISTICAL
SECTION
Table 1
CITY OF EDINA, MINNESOTA
General Governmental Expenditures by Function (a)
Last Ten Fiscal Years
(unaudited)
Note:
(a) Includes General, Special Revenue, Debt Service and Capital Project Funds.
Unallocated
Fiscal
General
Public
Public
general
Capital
Debt
year
government
safety—
works
Parks
expenditures
Other
outlay
service
Total
1982
$ 1,003,928
3,513,056
2,073,000
826,282
263,496
5,805
2,132,529
1,195,445
11,013,541
1983
1,083,906
4,146,820
2,236,979
940,765
211,372
65,714
1,163,921
1,149,491
10,998,968
1984
1,204,887
4,018,072
2,597,141
1,001,235
199,697
269,148
3,125,207
1,621,969
14,037,356
1985
1,397,975
4,356,382
2,508,679
1,227,795
363,635
291,850
1,816,758
2,022,009
13,985,083
1986
1,383,353
4,520,851
2,444,260
1,068,170
350,475
825,817
9,443,950
3,571,172
23,608,048
1987
1,425,939
4,762,906
2,209,872
1,369,848
340,300
868,647
9,075,508
3,999,429
24,052,449
�. 1988
1,655,826
5,122,392
2,441,928
1,471,741
321,166
1,049,684
19,875,745
4,120,163
36,058,645
1989
1,823,403
5,345,763
2,502,980
1,654,159
300,142
1,094,418
8,857,367
4,850,967
26,429,199
' 1990
1,937,867
5,855,776
2,719,479
1,570,886
646,345
679,889
8,456,658
5,833,141
27,700,041
1991
1,996,628
6,116,844
2,862,383
1,787,171
617,117
981,143
8,003,595
5,863,425
28,228,306
Note:
(a) Includes General, Special Revenue, Debt Service and Capital Project Funds.
i
r
N
Ln
I
CITY OF EDINA, MINNESOTA
General Governmental Revenues by Source (a)
Last Ten Fiscal Years
(unaudited)
Note:
(a) Includes General, Special Revenue, Debt Service and Capital Project Funds.
Table 2
Miscel-
laneous
Totals
Licenses
8,670,231
Charges
10,198,203
118,188
Sales and
Fiscal
12,709,874
Special
Franchise
and
Inter-
for
Fines and
Interest on
rental of
year
Taxes
assessments
fee
permits
governmental
services
forfeitures
investments
property
1982 $
3,971,620
-
-
337,208
2,101,175
331,006
823,236
823,236
807,457
1983
5,668,153
-
-
443,061
2,442,080
389,811
665,488
665,488
183,745
1984
6,645,913
-
-
405,685
1,930,171
410,950
760,801
760,801
118,188
1985
7,057,640
-
-
553,908
1,949,957
540,458
977,946
977,946
81,325
1986
7,850,460
1,251,456
-
695,898
3,176,762
772,920
1,319,021
1,319,021
58,865
1987
8,486,440
1,787,962
58,683
710,282
3,010,203
652,389
515,172
785,228
152,495
1988
9,853,560
1,500,050
48,528
623,760
2,425,720
740,708
532,257
533,647
127,846
1989
11,050,785
936,026
49,969
893,191
3,548,522
873,549
467,957
1,737,726
151,180
1990
12,968,717
936,042
96,715
874,298
572,262
1,235,812
494,009
1,289,470
133,809
1991
14,425,200
980,689
133,680
850,897
580,561
1,287,524
437,433
875,320
124,149
Note:
(a) Includes General, Special Revenue, Debt Service and Capital Project Funds.
Table 2
Miscel-
laneous
Totals
807,457
8,670,231
183,745
10,198,203
118,188
10,669,841
81,325
12,709,874
58,865
15,662,456
182,109
16,340,963
130,766
16,516,842
1,613,999
21,322,904
2,432,752
21,033,886
437,429
20,132,882
CITY OF EDINA, MINNESOTA
Property Tax Levies and Collections
Last Ten Fiscal Years
(unaudited)
—126—
Percent
of total
Delinquent
Fiscal
Total tax
Current tax
tax levy
tax
Total tax
year
levy
collections
lco lected
collections
collections
1982
$ 4,855,622
4,785,501
98.56%
$ 43,088
4,828,589
1983
5,423,374
5,337,812
98.42
44,998
5,382,810
1984
6,343,688
6,341,589
99.96
41,179
6,382,768
1985
6,654,251
6,548,680
98.41
74,091
6,622,771
1986
7,440,298
7,368,782
99.04
98,170
7,466,952
1987
8,045,584
7,904,551
98.25
61,041
7,965,592
1988
8,569,599
8,463,929
98.77
71,756
8,535,685
1989
8,996,391
8,764,316
97.42
68,377
8,832,983
1990
9,992,692
9,752,024
97.59
83,684
9,835,708
1991
10,384,072
10,129,419
97.55
38,558
10,167,977
—126—
Percent
of total tax
collections
Outstanding
to total
delinquent
tax levy
taxes
99.44%
$ 95,062
99.25
76,623
100.62
110,610
99.53
103,878
100.36
77,224
99.01
189,063
99.60
182,013
98.18
198,204
98.43
158,558
97.91
241,915
Table 3
Percent of
outstanding
delinquent
taxes to
total tax levy
1.96%
1.41
1.74
1.66
1.04
2.35
2.12
2.20
1.59
2.33
—127—
Table 4
CITY OF EDINA, MINNESOTA
Assessed Value or Tax Capacity and
Estimated Market Value of Taxable Property
Last Ten Fiscal Years
(unaudited)
Note:
(a) In 1988, assessed value was replaced by tax capacity.
—128—
Ratio of total
Real fro
erty
assessed value/
tax capacity to
Assessment
Assessed value/
Estimated
total estimated
year
tax caRacity
market value
market value
1982
$ 629,028,224
2,241,781,656
28.06%
1983
648,942,012
2,306,312,510
28.14
1984
682,304,872
2,417,980,250
28.22
1985
704,791,469
2,517,569,550
27.99
1986
725,895,608
2,610,642,350
27.81
1987
768,050,021
2,807,510,000
27.35
1988 (a)
100,735,332
3,061,404,810
3.29
1989
87,055,570
3,212,261,700
2.71
1990
90,320,919
3,388,087,700
2.67
1991
87,214,668
3,496,892,900
2.49
Note:
(a) In 1988, assessed value was replaced by tax capacity.
—128—
Note:
(a) In 1989, mill rates were replaced by tax capacity rates.
-129-
CITY OF EDINA, MINNESOTA
Property Tax Rates - All Overlapping Governments
(per $100 of assessed value)
Last Ten Fiscal Years
(unaudited)
City of Edina
Special
General
Revenue School
Fiscal year
Fund
Funds Total District
Count
Other
Total
1982
$ 7.881
1.184 9.065 45.936
29.183
4.384
88.568
1983
7.959
1.090 9.049 47.437
28.451
5.106
90.043
1984
9.235
1.137 10.372 47.597
29.689
7.222
94.880
1985
9.168
1.174 10.342 48.160
29.272
5.184
92.958
1986
11.303
- 11.303 45.033
29.688
7.853
93.877
1987
11.954
- 11.954 43.065
29.356
7.812
92.187
1988
12.151
- 12.151 44.838
31.675
8.659
97.323
1989 (a)
9.887
- 9.887 43.477
27.101
7.371
87.836
1990
12.959
- 12.959 42.369
27.916
7.046
90.290
1991
12.879
- 12.879 45.490
30.114
8.441
96.924
Note:
(a) In 1989, mill rates were replaced by tax capacity rates.
-129-
CITY OF EDINA, MINNESOTA
Special Assessment Collections
Last Ten Fiscal Years
(unaudited)
—130—
Collection
Percentage
Collection
of current
of levy
of prior
Total
Year
Total levy
year's levy
collected
year's levy
collections
1982
$ 1,547,754
1,409,504
91.07%
$ 35,996
1,445,500
1983
1,715,209
1,591,398
92.78
103,960
1,695,358
1984
1,649,440
1,492,190
90.47
85,500
1,577,690
1985
1,492,140
1,410,553
94.53
158,984
1,569,537
1986
1,262,257
1,200,287
95.09
31,599
1,231,886
1987
1,292,379
1,257,033
97.26
31,579
1,288,612
1988
1,071,212
1,044,584
97.51
6,478
1,051,062
1989
787,932
736,574
93.48
66,768
803,342
1990
782,763
738,498
94.35
12,937
751,435
1991
586,124
558,429
95.27
24,934
583,363
—130—
Table
Percentage
of total
Total
collections
outstanding
to total levy
assessments
93.39%
$ 167,848
98.84 186,821
95.65 229,793
105.19 178,008
97.59 180,501
99.71 47,059
98.12 67,209
101.96 47,894
96.00 56,861
99.53 78,101
-131-
Table 7
*Source: Metropolitan Council estimate
Notes:
(a) Official population per 1991 census.
(b) Includes all long —term general obligation debt.
(c) In 1988, assessed value was replaced by tax capacity.
—132—
CITY OF EDINA, MINNESOTA
Ratio of Net General Bonded Debt to Assessed
Value /Tax Capacity and Net Bonded Debt
Per Capita
Last Ten Fiscal
Years
(unaudited)
Ratio of
Net
net bonded
Net
assessed
Debt
debt to
bonded
value /tax
Gross
service
assessed
debt
Fiscal
*Popu—
capacity (in
bonded
monies
Net bonded
value /tax
per
year
lation
thousands)
debt (b)
available
debt
capacity
capita
1982
45,370
$ 599,315
12,740,000
3,139,512
9,600,488
.0160%
212
1983
45,340
613,145
11,730,000
2,440,053
9,289,947
.0152
205
1984
45,280
643,379
11,955,000
1,585,175
10,369,825
.0161
229
1985
44,940
659,468
23,385,000
1,614,721
21,770,279
.0330
484
1986
45,523
673,941
30,185,000
1,335,954
28,849,046
.0428
634
1987
45,924
705,560
28,400,000
1,017,238
27,382,762
.0388
596
1988 (c)
46,095
90,975
47,305,000
2,513,806
44,791,194
.4920
972
1989
44,943
79,805
64,060,000
1,202,505
62,857,495
.7880
1,399
1990
46,070 (a)
80,438
65,435,000
1,026,815
64,408,185
.8007
1,398
1991
46,070
75,550
63,565,000
1,026,815
62,538,185
.8278
1,357
*Source: Metropolitan Council estimate
Notes:
(a) Official population per 1991 census.
(b) Includes all long —term general obligation debt.
(c) In 1988, assessed value was replaced by tax capacity.
—132—
CITY OF EDINA, MINNESOTA
Computation of Legal Debt Margin
December 31, 1991
(unaudited)
Estimated market value of taxable property
Debt limit - 2.00% of total
estimated market value
Amount of debt applicable to debt
limit:
Total bonded debt
Less:
Assets in debt service funds
available for payment of
principal
Other deductions allowed by law:
Tax increment bonds
Improvement bonds
Revenue bonds
Total deductions
Total amount of debt
applicable to debt limit
Legal debt margin
$ 200,000
51,785,000
3,610,000
8.170.000
-133-
$ 63,565,000
Table 8
$ 3.496.892.900
69,937,858
risdiction
City of Edina
Hennepin County
IDS #273 (Edina)
IDS #287 (Hennepin Tech)
IDS #270 (Hopkins)
IDS #271 (Bloomington)
IDS #272 (Eden Prairie)
IDS #280 (Richfield)
IDS #283 (St. Louis Park)
Metro Council
Metro Transit
Total
CITY OF EDINA, MINNESOTA
Computation of Overlapping Debt
December 31, 1991
(unaudited)
-134-
Percentage
Amount
applicable
applicable
Net debt
to City of
to City of
outstanding
Edina
Edina
$ 63,565,000
100.0%
$ 63,565,000
74,154,068
7.48
5,546,724
-
97.37
-
-
11.70
-
9,455,000
6.06
572,973
2,335,000
.01
234
42,540,000
3.67
1,561,218
230,000
26.86
61,778
-
.O1
-
457,585,000
3.91
17,891,574
7,550,000
4.25
320.875
$ 89.520.376
-134-
Fiscal
year
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
CITY OF EDINA, MINNESOTA
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General Expenditures
Last Ten Fiscal Years
(unaudited)
Principal
$ 900,000
900,000
5,050,000 (b)
1,650,000
1,650,000
1,700,000
1,950,000
1,800,000
1,485,000
1,480,000
Interest
1,095,445
1,049,491
1,071,969
1,472,009
1,921,172
2,299,429
2,170,163
3,037,525
4,348,141
4,386,400
Total
debt
service
1,995,445
1,949,491
6,121,969
3,122,009
3,571,172
3,999,429
4,120,163
4,837,525
5,833,141
5,866,400
Total general
expenditures (a)
9,074,606
9,818,076
10,693,544
12,561,374
14,450,898
14,843,024
16,336,066
17,299,271
19,421,089
20,559,514
Notes:
(a) Includes General, Special Revenue and Debt Service Funds.
(b) Includes refinancing of temporary bonds.
—135—
Table 10
Ratio of total
debt service
to total
general
expenditures
.2199%
.1986
.5725
.2485
.2471
.2694
.2522
.2796
.3003
.2853
r
W
rn
i
Fiscal year
Utility Bonds
CITY OF EDINA, MINNESOTA
Revenue Bond Coverage
Last Ten Fiscal Years
(unaudited)
Direct*
Gross operating
revenue expenses
Net
revenue
available
for debt
service
Table 11
Debt service requirements
Principal Interest Total Coverage
1982
$ 3,434,255
3,390,516
43,739
-
-
-
-
1983
3,425,476
3,336,716
88,760
-
-
-
-
1984
3,436,525
3,386,541
49,984
-
-
-
-
1985
3,686,287
3,731,907
(45,620)
-
-
-
-
1986
3,621,775
3,726,699
(104,924)
-
-
-
-
1987
4,149,444
4,127,469
21,975
-
-
-
-
1988
4,285,722
4,842,797
(557,075)
-
-
-
-
1989
5,539,373
4,839,753
699,620
-
172,418
172,418
406
1990
5,197,400
4,761,182
436,218
170,000
194,382
364,382
119
1991
6,399,204
5,583,502
815,702
250,000
175,245
425,245
192
Recreational Facility Bonds
1982
905,776
787,233
118,543
145,000
24,277
169,277
70
1983
925,169
863,069
62,100
110,000
18,601
128,601
48
1984
1,030,952
923,838
107,114
125,000
14,760
139,760
77
1985
1,106,658
1,052,131
54,527
120,000
57,627
177,627
31
1986
1,158,660
1,177,380
(18,720)
50,000
99,512
149,512
-
1987
1,424,381
1,206,116
218,265
85,000
97,690
182,690
119
1988
1,703,728
1,431,693
272,035
50,000
161,182
211,182
129
1989
2,348,220
1,725,118
623,102
50,000
346,201
396,201
157
1990
2,453,425
1,993,388
460,087
50,000
411,298
461,298
100 :
1991
2,413,488
2,248,196
165,292
140,000
407,690
547,690
30
* Before interest costs.
Fiscal
year
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
CITY OF EDINA, MINNESOTA
Property and Construction Values
Last Ten Fiscal Years
(unaudited)
Commercial
construction
Number of
value'
permits
Value
permits
6 $
1,730,000
4
9,250,500
3
1,290,000
5
6,645,080
5
18,034,760
342
19,797,541
336
22,100,000
407
65,000,000
378
37,299,553
518
21,596,135
`Assessor's market.
Residential
construction
value'
Number of
Residential
permits
Value
458,115,920
134 $
10,490,700
189
20,140,000
116
14,800,000
327
34,886,143
397
39,909,000
551
30,600,000
560
26,327,000
86
11,463,231
605
31,762,558
546
22,781,128
—137—
Table 12
Property
value'
Commercial
Residential
432,641,116
1,809,140,540
458,115,920
1,848,196,590
495,218,100
1,922,762,150
532,936,100
1,984, 633,450
567,688,400
2,042,953,950
621,601,700
2,185,908,300
667,282,000
2,392,686,800
681,372,900
2,530,888,800
713,876,500
2,674,211,200
751,280,100
2,745,612,800
Taxpayer
Southdale
Pentagon Office Park
Gabberts and Galleria
Southdale Office Center
Southdale Medical Building
National Car
Cedars of Edina
Honeywell Building
Rembrandt Heritage
Target, 7000 York
7401 Metro Boulevard
7300 Metro Boulevard
7301 Ohms Lane
York Plaza
Durham
7900 West 78th Street
8000 West 78th Street
Edina Towers
General Motors
Edinborough Office
CITY OF EDINA, MINNESOTA
Principal Taxpayers
December 31, 1991
(unaudited)
Type of business
Shopping center
Office building
Shopping center
Office building
Office building
Office building
Apartments
Office building
Apartments
Retail
Office building
Office building
Office building
Apartments
Apartments
Office building
Office building
Apartments
Office/Wholesale
Office building
—138—
Table 13
1991 tax
capacity
6,909,057
1,557,303
1,259,921
1,013,900
865,795
777,350
652,467
629,011
386,155
384,194
367,435
356,920
354,724
350,000
350,000
342,000
340,350
315,000
305,029
294,500
CITY OF EDINA, MINNESOTA
Miscellaneous Statistics
December 31, 1991
(unaudited)
Date of incorporation
Date of adoption of Council- Manager Plan
Present form of government
Fiscal year begins
Area of City
Percent of City developed with buildings
Miles of streets and sewers:
Total streets (including state and county)
Sanitary sewer
Sewer connections
Fire protection:
Number of stations
Number of employees (full time)
Police protection:
Number of stations
Number of employees (full time)
Park areas:
Present park acres and open space
Total improved park acres
Number of parks
Private golf courses
Public golf courses
Municipal water plant:
Number of wells
Miles of watermain
Gallons of storage
Number of consumers
-139-
Table 14
December 17, 1888
January 1, 1955
Council- Manager
January 1
16 square miles
97%
224 miles
186.22 miles
13,783
1
29
1
51
1,552
900
33
3
2
18
198.81
7 million
14,025
(Continued)
Population:
1920
1930
1940
1950
1960
1965 (special census)
1970
1975 (estimated April
1980 (census)
1981 (estimated April
1982 (estimated April
1983 (estimated April
1984 (estimated April
1985 (estimated April
1986 (estimated April
1987 (estimated April
1988 (estimated April
1989 (estimated April
1990 (census)
1991 (estimated)
1)
1)
1).
1)
1)
1)
1)
1)
1)
1)
CITY OF EDINA, MINNESOTA
Miscellaneous Statistics, Continued
—140—
Table 14. Cont.
1,833
3,138
5,855
9,744
28,501
35,302
44,046
49,736
46,073
46,080
45,370
45,340
45,280
44,940
45,523
45,924
46,095
44,943
46,070
46,070